Many scholars focus on China’s booming economy and its social impacts, while there is little attention regarding subjective well-being, especially after considering income and social capital. Therefore, the purpose of this paper was to examine the correlations between income, social capital and subjective well-being of western Chinese residents, basing on a representative comprehensive social survey. Several meaningful conclusions are shown below: (1) Western residents in China retain a relatively high degree of subjective well-being on average, and the mean value of subjective well-being for urban residents is slightly higher than that for rural residents; (2) there are regional and group differences in the influence of income and social capital on residents’ subjective well-being; and (3), although economic factors play a primary role in subjective well-being, the potential influence of non-economic factors cannot be ignored. This paper attempts to fill the gap in perspective regarding potential correlations between income, social capital, and subjective well-being.