Considerable evidence has shown that social class has a positive relationship with well-being. However, little research has examined this connection in detail, particularly as it relates to the context of adolescence. The present study builds on the framework of Self-Determination Theory, to delineate the psychological mechanism underlying this relationship in adolescents. Study 1 explored the correlation between objective social class and hedonic well-being with national adolescent data (n = 944) from the China Family Panel Studies. The results showed that objective social class was positively correlated with hedonic well-being. Study 2 more fully examined the correlation and potential mechanism of the relationship between social class and hedonic/eudaimonic well-being among 625 adolescents. The results confirmed that social class is correlated with hedonic/eudaimonic well-being and that basic psychological needs satisfaction (BPNS) fully mediates the relationships between them. These findings emphasize the role of BPNS in this relationship among adolescents.