This study examines the structural relationships among sociodemographic characteristics, health status, stress, psychological resources, and subjective well-being (SWB) among the Black elderly. A structural equation model of SWB was evaluated with data from the 1979-1980 National Survey of Black Americans. The results revealed that poor subjective health status was predictive of lower levels of personal efficacy and SWB. Stressful life events tended to depress subjective assessments of health and had negative effects on self-esteem and SWB. Marital status and age had positive effects on SWB. Chronic health conditions and other demographic variables, however, had indirect effects on SWB.