Abstract: Based on CSS2019 data, this paper tries to study the effect of farmers' subjective and objective socioeconomic status on their subjective well-being by using Ologit regression model. Objective socioeconomic status means personal absolute income and years of education, while subjective socioeconomic status includes current identity and future expectations of subjective socioeconomic status, and the difference between current and past identity of subjective status. The results show that farmers' personal absolute income has no significant effect on their subjective well-being, but their years of education present a U-shaped effect on their subjective well-being. In addition, their current identity and future expectations of their subjective socioeconomic status have a significant positive impact on their subjective wellbeing, whereas the difference between their current and past identity of their subjective socioeconomic status has no effect on their subjective well-being.