Purpose: This study aims to examine how students with different goals differ in their subjective well-being, including academic self-efficacy (ASE) and affect at school (AAS). There are four goal orientations that motivate students to achieve academic performance. Therefore, this study examined the relationship between the four dimensions of achievement goals (AGs), ASE and AAS. It also examined five relationship models between these variables. Design/methodology/approach: This study was conducted using a survey method with a questionnaire on 516 students at several private universities in Yogyakarta who have been studying for at least two years. After testing the validity and reliability of the measurements, correlation testing was conducted to determine the relationship between the two variables. Furthermore, testing of the five relationship models was conducted using structural equation modeling (SEM) with a two-step approach. Findings: The findings showed that each goal was directly related to students' well-being with a diverse relationship nature. Furthermore, mastery-approach goals (MApGs) were the types that most consistently have a positive effect on students' well-being. Also, performance-avoidance goals (PAvGs) consistently and negatively affected students' well-being, while performance-approach goals (PApGs) produced various influences and relationships. In addition, mastery-avoidance goals (MAvGs) are among the four AGs that still need to be studied, especially in educational settings. This is because they had no effect on ASE either directly or indirectly. Research limitations/implications: The limitation of this study was using cross-sectional data and self-report in data collection. Furthermore, the respondents were limited to private university students, and they were few in number. Practical implications: MApGs had a positive effect on ASE and AAS, while PAvGs can reduce ASE and cause negative effects. Therefore, higher institutions in Indonesia need to provide a curriculum that can increase students' curiosity, creativity and involvement in the learning process. This will make them confident in their abilities and have a positive attitude in school and the society. Also, this study showed that a PApG is not a negative goal because it can increase students' confidence in their abilities. This competency feeling needs to be fostered because it encourages them to increase knowledge and learning content, as well as increase their positive effects. Originality/value: This paper addressed the need to understand how to generate and increase students' motivation.