The purpose of this qualitative study is to shed light on elementary teachers' perspectives on their sense of well-being, with emphasis on contextual factors that promote or block their sense of well-being. Data were collected through background questionnaires, teachers' journal writings, and interviews with teachers. Findings reveal that teachers' sense of well-being was fostered mainly by student growth and supportive colleagues. The major themes that emerged as negatively affecting teachers' well-being were the influence of accountability testing, lack of power, sense of being scrutinized, student misbehavior, and heavy workload. The results of this study show the need for restructuring teaching contexts. When schools are places in which teachers feel valued, respected, empowered and involved in decision-making processes, they are likely to have a better sense of well-being.