This study examined subjective (SWB), psychological (PWB) and social well-being (Social WB) at a global and sport contextual level among ten elite orienteers (6 women and 4 men, median age = 20.4, range 18–30) by employing semistructured interviews. Athletes described SWB as an interplay of satisfaction with life, sport experiences and perceived health combined with experienced enjoyment and happiness in both ordinary life and sport. SWB and PWB interacted, and important psychological functioning among the elite athletes included, among other things, abilities to adopt value-driven behaviors, be part of functional relationships, and to self-regulate one’s autonomy. The ability to organize and combine ordinary life with elite sport, and the use of strategies to protect the self during setbacks was also emphasized. For a comprehensive theoretical understanding of well-being applicable to elite athletes, the need for a holistic view considering both global and sport-specific aspects of WB is discussed.