Drawing upon data from "Well-being of Elderly People in Anhui Province Survey"from 2001 to 2015,this paper explores the dynamic relationship between household composition change and elderly people’s subjective well-being( self-rated health and life satisfaction). The results show that the influence of household composition change on the subjective well-being of the elderly depends on their age. For the younger-old age period of the elderly,the presence of grandchildren in household composition change has a positive impact on the subjective well-being of the elderly,whereas the household composition change in which elderly live alone or only live with their children,the subjective well-being of the elderly improves more slowly. For the oldest-old age period of the elderly,the five kinds of household composition change significantly deteriorates the development level of the subjective well-being of the elderly. The life satisfaction of the elderly shows a non-linear development with age. During the whole life-cycle of the elderly,the subjective concept,self-efficacy,and the family roles of elderly people differentiate the influence of household composition change on older people’s subjective well-being,and the household composition change has selection effects on the older people’s health.