There is a heightened interest nowadays in educating for personal well-being based on the belief that schools can be a civilising force for good and help make young people's lives more fulfilling and meaningful. At the same time, there is a premium placed on high-quality subject teaching and academic achievement and on countries doing well in tables of international comparison. The degrees to which these priorities can be coherently pursued are discussed in this critical article. The article begins with a theoretical overview of well-being values before reviewing the extent to which these values are recognisable in policy guidelines in Australia, England, New Zealand and Scotland. The article then outlines how a version of well-being could plausibly connect with policy and planning aspirations to take forward improvements in subject teaching "and" personal well-being, and where a middle-path focus could benefit students' wider achievements and teachers' sense of agency.