OBJECTIVES: While several studies from the gerontology and lifespan development perspective address the well-being of older adults, studies that directly pertain to the subjective well-being (SWB) of older adults from a resource-poor context are lacking. This study was conducted to gain insights about older adults' conceptualization of their SWB in Ethiopia. METHOD: We employed an exploratory qualitative approach to investigate older adults' perspectives of their well-being. Thirty-one participants, 20 men and 11 women, were purposively selected for the study. We used in-depth interviews and focus group discussions to collect data. Thematic analysis was employed to analyze the data. RESULTS: The analysis yielded six prominent themes: physical and mental health, family and social interactions, financial stability and security, optimism and autonomy, religious faith and practices, and the opportunity to work and contribute to the community. CONCLUSION: The study provided insights about older adults' conceptualization of well-being from a low-income country context. Older adults viewed their well-being holistically as a combination of physical, mental, family, social, financial, religious, and community dimensions. The findings point to a need for comprehensive and contextually-relevant psychosocial and economic interventions and rehabilitative plans to enhance older adults' well-being.