A sample of 461 adolescents(184 males, 277 females) was randomly recruited for the study, The present study examined the associations between stress, anxiety, self-compassion and subjective well-being. Meanwhile, hierarchical regression analyses were applied to test the effects of stress on subjective well-being as well as the moderating role of self-compassion and the mediating role of anxiety after controlling demographic variables. Our findings are as follows: 1) There was significant negative correlation between stress and subjective well-being, which ensured that the supposed variables could be analyzed as mediators; 2) Regression analysis showed that self-compassion acted as a moderator between the relationship of stress and subjective well-being; 3) The moderating effect of self-compassion was completely mediated by anxiety.