Objectives: Time perspective refers to a process that attempts to make sense of everyday experience by drawing on memories, present experiences and predicted future outcomes (Zimbardo & Boyd, 1999). A time perspective that is more balanced and able to flexibly move between time orientations (i.e. past, present, future) is hypothesized to be more adaptive than one that is dominated by one time orientation. Previous research has found that both mindfulness and balanced time perspective are associated with greater subjective well-being. The present study examined whether balanced time perspective mediated the positive relationship between mindfulness and subjective well-being (SWB). Method: A cross-sectional online questionnaire design was employed. Two hundred and seventy five participants completed measures of mindfulness (Five Facets of Mindfulness Questionnaire short-version), time perspective (Zimbardo’s Time Perspective Inventory) and cognitive and emotional indicators of SWB (Satisfaction With Life Scale; Scale of Positive and Negative Experience). Results: Pearson’s correlation coefficients revealed that higher levels of mindfulness were significantly associated with greater SWB and balance in time perspective profiles. Greater balance in time perspective profiles was significantly associated with greater SWB. Balanced time perspective was found to be a mediator of the relationship between mindfulness and SWB. Evidence for an additional mediation pathway was found, and suggested that higher levels of mindfulness positively influences SWB, through decreasing levels of the time perspective dominated by a past-negative orientation. Conclusions: Although the cross-sectional design limits causality conclusions, these findings suggest that the development of mindfulness may positively influence SWB, through promoting balance in time perspective profiles or through decreasing the negative influence that a time perspective dominated by the past-negative orientation has on SWB. The clinical implications of these findings for SWB enhancing interventions are outlined.