The aim of this study was to investigate the relationships among high school students' subjective well-being, academic identity, and sense of purpose in life. Two hundred and thirty-four students participated in the study. Main analysis was focused on testing structural relationships among the measured variables. Findings showed that students with altruistic purpose reported a more central role of academic identity in their sense of self and, in turn, reported greater satisfaction and joy of learning. Thereby, findings suggested the importance of implementing educational and wellness-oriented approaches that could strengthen high school students' general sense of purpose in addition to altruistic purpose to promote their academic identity and subjective well-being. We have discussed this study's limitations, practical implications, and future research directions.