The present study was to examine the characteristics of general self-efficacy and subjective well-being and their relations in low SES college students in China. Low SES college students and regular college students were administered the General Self-Efficacy Scale and Index of Well-Being, Index of General Affect. Low SES college students scored significantly lower than their peers on general self-efficacy and subjective well-being. Significant gender differences were not found. Individuals with stronger general self-efficacy reported higher level of subjective well-being. General self-efficacy of low SES college students had significantly positive correlation with General Affect, Life Satisfaction and Well-Being. Research results indicated that SES had an important effect on general self-efficacy and subjective well-being. General self-efficacy was positively related to subjective well-being.