This article aimed at developing an adaptive version of the subjective well-being (SWB) scale to measure a comprehensive concept of SWB among Chinese university students. Item response theory was employed to formulate the item bank of the SWB scale and computerized adaptive testing (CAT) for SWB (CAT-SWB), based on several commonly used SWB scales, after unidimensionality testing, model selection, local dependence testing, parameter estimation, item fit test and differential item functioning (DIF) analysis were performed. Finally, two CAT simulations using simulated-data and real-data were carried out to verify and evaluate the CAT-SWB. Results indicated that the proposed CAT-SWB had an excellent performance in that it largely reduces the number of test items and the length of test time without losing measurement precision.