To explore senior high school students' subjective socioeconomic status influence on their subjective well-being, and the role of self-esteem and peer relationships in it, a questionnaire survey was conducted among 394 high school students from the first grade to the third grade in Beijing using the Adolescent Subjective Socioeconomic Status Scale, Self-Esteem Scale, Adolescent Peer Relationship Scale, and Subjective Well-being Scale. The results show that: (1) Subjective socioeconomic status can positively predict subjective well-being; (2) Self-esteem and peer relationship play a completely mediating role in the relationship between subjective socioeconomic status and subjective well-being. Therefore, the improvement of high school students' subjective well-being can be achieved through the dual path of intervening in students' self-esteem level and improving their peer relationships.