The purpose of this study is to investigate the influence of mobile phone addiction of college students on subjective well-being, and the mediating effect of social anxiety in era of mobile internet. 598 college students were investigated with the Mobile Phone Addiction Scale, Social Anxiety Scale( IAS) and Campbell Well-being Scale for college students in Jiangsu province. The results showed that: 1) There are significant differences in gender and grade of college students′ mobile phone addiction; 2) College students’ mobile phone addiction has a significant negative effect on subjective well-being, and has a significant positive effect on social anxiety; 3)Social anxiety has a significant negative effect on subjective well-being, and social anxiety plays a mediating role between the mobile phone addiction and subjective well-being. Thus, mobile phone addiction can not only directly result in the reducing of subjective well-being, but also further influence subjective well-being through social anxiety.