Despite　recent　research　associating　social　class　with　subjective　well-being　(SWB),　the　relationship　between　the　two,　manifested　through　victim　justice　sensitivity　and　envy,　has　not　been　properly　investigated.　Guided　by　social　comparison　and　social　cognitive　tendency　theories,　we　explored　the　direct　and　indirect　relationships　between　social　class　and　SWB　among　Chinese　undergraduate　students.　This　study　employed　a　cross-sectional,　questionnaire-based　research　design.　1,405　undergraduate　students　completed　questionnaires　regarding　subjective　social　class,　victim　justice　sensitivity,　envy,　and　SWB.　The　results　showed　that　social　class　was　positively　related　to　SWB　and　negatively　associated　with　victim　justice　sensitivity　and　envy.　Victim　justice　sensitivity　was　negatively　related　to　SWB,　victim　justice　sensitivity　was　positively　related　to　envy,　and　envy　was　negatively　associated　with　SWB.　Social　class　correlated　with　SWB　through　three　paths:　the　mediating　role　of　victim　justice　sensitivity,　the　mediating　role　of　envy,　and　the　serial　mediating　roles　of　victim　justice　sensitivity　and　envy.　The　results　indicate　that　social　class　could　contribute　to　college　students’　SWB　through　the　mechanisms　of　victim　justice　sensitivity　and　envy.　This　study　advances　the　understanding　of　how　the　relationship　between　social　class　and　college　students’　SWB　operates.　Furthermore,　the　findings　will　facilitate　the　promotion　of　college　students’　SWB.　Copyright　©　2022　Hong,　Wang,　Liu,　Su,　Chen,　Lian　and　Liao.