The authors explored the relationship between subjective social class (SSC) and subjective well-being (i.e., life satisfaction, positive/negative affect) to examine whether self-esteem would mediate this relationship for 275 college students and whether such mediation would be affected by participants' critical consciousness (CC). Two elements of SSC, social power and social prestige, had significant indirect effects on life satisfaction and negative affect through self-esteem. No statistically significant moderating role of CC was found on this mediation, but higher CC increased the size of the indirect effect of SSC on subjective well-being. Implications for research and practice with college students are discussed.