This study investigated the relationship between materialism and well-being, and the mediating role of self-esteem among adolescents. Material Values Scale-C, Rosenberg Self-Esteem Scale, and Index of Well-being were used to assess the value of materialism, self-esteem, and subjective well-being, respectively. A total of 577 students from three junior schools were investigated.The results indicated that, materialism was negatively related to well-being and self-esteem; self-esteem partially mediated the relationship between materialism and well-being; specifically, self-esteem partially mediated materialism success and well-being,materialism centrality and well-being, and fully mediated materialism happiness and well-being. The present study suggests that materialism would indirectly affect adolescents’ well-being through self-esteem.