Passion and perseverance for long-term goals (often referred to as grit) has been found to be associated with well-being in typically developing students and adults. However, previous studies primarily relied on a two-factor model of grit, underpinned by "perseverance of effort" and "consistency of interests." This model has received considerable theoretical and methodological criticisms. The research examined the association of an alternative model of grit underpinned by "perseverance of effort" and "adaptability to situations" as key dimensions, with students' life satisfaction in Chinese gifted adolescents in Hong Kong. Structural equation modeling via maximum likelihood estimation approach demonstrated that "perseverance" was linked to higher levels of life satisfaction. "Adaptability" was indirectly linked to increased life satisfaction via the intermediate variable -- career development self-efficacy. Results indicate that perceived confidence in career-related activities might serve as a mechanism through which grit may be linked to higher well-being in gifted students.