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Current research suggests that the COVID‐19 pandemic adversely impacts well‐being. This study examined how subjective well‐being (SWB) and psychological well‐being (PWB) in Singapore were affected during the pandemic, and the factors that were important to SWB. A representative sample of 999 respondents completed an online survey during the pandemic in August 2020 (after a lockdown was lifted). Two hundred and thirty‐two respondents completed the follow‐up Wave 2 survey 4 months later. Analyses showed that SWB and PWB during the pandemic were significantly lower than the prepandemic period. However, by Wave 2, well‐being levels recovered to levels similar to those observed in the prepandemic period. Regression analyses showed that previously established key determinants of SWB were still important predictors during the pandemic. Specifically, neuroticism and financial satisfaction …