To regain overall well-being in the post-pandemic era, the priorities should not be only economic growth but also human physical and mental health. This study investigates how to incorporate the concept of well-being into the circular economy to facilitate the pursuit of individual/personal and social growth, and sustainable consumption. We begin with a systematic search of the literature on well-being and sustainable product–service systems, model the well-being components in peer-to-peer (P2P) sharing and reuse platforms, and propose design guidelines for platform development. According to our findings, (1) allocentric well-being components (such as gratitude, contribution, and altruism) serve as the antecedents of sharing behaviors, while egocentric components (such as pleasure and attachment) serve as the consequences, and (2) information sharing is crucial to initiating the flow of well-being perceptions and sustainable sharing and reuse behaviors. Based on the findings, we suggest a data-driven approach and active inference theory to facilitate related studies. This study sheds light on the potential to develop well-being within the circular economy and facilitate the sustainable working of the sharing and reuse ecosystem.