Abstract: Mastering the changing trend and characteristics of the well-being of the elderly is of great value to improve the level of residents’ old-age security. Based on the data of Chinese Longitudinal Health and Longevity Survey (CLHLS), this paper makes use of the hierarchical growth curve model to test the age effect and cohort differences of subjective well-being of the elderly. The results show that, firstly, the relationship between the age and subjective well-being of the elderly presents a “U”shape curve distribution, while the elderly are gradually“losing”their health and social and family roles, they are“gaining”stronger emotional regulation ability; secondly, there exists a significant cohort difference in the subjective well-being of the elderly, the elderly would have a lower mental health level and life satisfaction if their birth cohort is during the ages of turmoil and famine; thirdly, there exist gender differences and urban-rural differences in the age effects of subjective well-being of the elderly, along with the increase of age, the gender differences and urban-rural differences in the subjective well-being of the elderly have a trend of widening. Finally, such factors as positive lifestyles, living with other family members, intergenerational support from children, socio-economic support and community-based care services will all contribute to the improvement of the subjective well-being of the elderly.

Key words: the elderly; subjective well-being; age effect; cohort differences