Online learning self-efficacy is associated with significant psychological outcomes among college students. Nevertheless, research investigating self-efficacy among college students during COVID-16 pandemic is limited. The aim of the present study was to investigate the role of self-efficacy beliefs regarding online learning in predicting subjective wellbeing of college students. One hundred sixty-five college students were recruited for the study. Participants completed the Online Learning Self-Efficacy Scale (OLSES), the Subjective Well-Being Scale (SWBS), and a socio-demographic information form, which included items related to COVID-19 anxiety and the perceived impact of COVID-19 on daily life. Regression analyses showed that overall self-efficacy predicted subjective well-being scores. However, only the time management subdimension of self-efficacy significantly predicted subjective well-being. Our findings suggest that high levels of self-efficacy, particularly in time management, are associated with elevated levels of subjective well-being among college students. Interventions targeting self-efficacy in online learning environments may benefit college students with lower levels of subjective well-being during the COVID-19 pandemic.