The current paper reviews measures of subjective psychological well-being in older adults and draws conclusions about how the concept of well-being is defined and measured. A systematic search of four databases identified eight measures developed to capture the notion of psychological well-being; the Positive And Negative Affect Schedule, the Life Satisfaction Index, the Bradburn Affect Balance Scale, the Satisfaction with Life Scale, the Perceived Well-Being Scale, the Scales of Psychological Well-Being, the Warwick Edinburgh Mental Well-Being Scale, and the Memorial University of Newfoundland Scale of Happiness. An evaluation of these measures revealed a range in dimensionality and composition, with measures defining well-being as primarily hedonic, eudaimonic, or a combination of the two. The validity of the measures was investigated by considering the extent to which measures capture facets of well-being identified by older people as important for successful aging. It was concluded that whilst all measures consider several important aspects of well-being, no measure captured the entire range of factors highlighted by older people as paramount to well-being.