Purpose: The high incidence of mathematics anxiety and disengagement in mathematics points to poor student well-being in many mathematics classrooms. Poor well-being may arise in part from poor alignment between student values and classroom experiences. Yet, what student well-being is and how to support it within specific subjects is poorly understood, and intersection between students' values and well-being in mathematics education is unclear. This article proposes a seven-dimensional framework of student well-being in mathematics education and examines alignment between well-being and values. Design/Approach/Methods: One hundred nineteen eighth-grade Australian students responded to three open-ended questions investigating their conceptions of mathematical well-being (MWB) and what they valued most when learning or doing mathematics. Responses were analyzed using a combined deductive/inductive thematic analysis. Findings: Findings supported the MWB framework and confirmed an alignment between students' values and well-being in mathematics education. Originality/Value: Our study provides a framework for conceptualizing student well-being in mathematics education, points to areas that aim to improve student well-being, and highlights congruences and discordances between well-being and values.