Factors Associated with Subjective Well-Being of Chinese Adolescents Aged 10–15: Based on China Family Panel Studies

(1) Background: This study aimed to explore the factors associated with the subjective well-being (SWB) of Chinese adolescents from a more comprehensive perspective and to analyze the importance of its influencing factors. (2) Methods: Obtained from the China Family Panel Studies (CFPS) 2018, the research data involved 2316 adolescents aged 10–15. By using the Chi-square test, t-test and binary logistic regression, we investigated the associations of individual-, family- and community-level factors with SWB in Chinese adolescents. To explore the rank of the influencing factors of SWB, the random forest model was set up. (3) Results: In individual-level factors, girls, who were adolescents with higher academic performance and school satisfaction, with the habit of midday napping and reading books, and with higher self-esteem, had a higher SWB. In family-level factors, mothers living at home resulted in a higher SWB, while quarrelling with their parents led to low SWB. In community-level factors, adolescents with better social relationships, social trust and who were better at telling their troubles to others had a higher SWB. Based on the random forest model, the importance degree was ranked, and the top five were decided, including self-esteem (89.949), social relations (43.457), academic performance (31.971), school satisfaction (27.651) and quarrelling with parents (19.026). (4) Conclusions: Self-esteem, social relations, academic performance, school satisfaction and quarrelling with parents are all important variables that are related to the SWB of Chinese adolescents.