With increasing concerns in the UK about the positive mental well-being and flourishing of children, this research, using drama and creative writing with primary school teachers, children and a theatre company, looks at the links between creative processes and children's well-being. This pedagogy applies a capability approach and we use this lens to examine children's critical reflections on the project. Interview data highlight the link between agency, social imagination and subjective well-being. The study offers some concrete examples of the ways in which creative processes can move beyond an outcome-based understanding of the curriculum by offering a legitimate space for children to explore their values and develop competencies which are crucial for well-being in the 21st century.