The mental health of the elderly is an important issue in the area of health psychology. This study investigated the effect of intergeneration social support on the subjective well-being of 429 elderly participants. Results suggested that intergeneration social support, self-esteem, and loneliness were significantly correlated to subjective well-being. Structural equation modeling indicated that self-esteem and loneliness partially mediated the effect of intergeneration social support on subjective well-being. These findings provided insights into the effect of intergeneration social support on the subjective well-being of the elderly.