Well-being is a philosophical discussion that deals with the question of what it means to live a good life and this thesis deals with a part of contemporary discussion on well-being. There are two opposing branches of theories – the subjective one that deals with what it means to live a good life from the subject‟s point of view or from the inside, while the objective theories deal with what it means to live a good life according to some objective criteria that are from the outside of the individual. My attempt in this work is to reconcile the two opposing sides by opting for one objective theory and one subjective while arguing that these theories can be complementary, even though they belong to opposite camps. First, I delineate the concept of well-being from other similar concepts in order to clarify what I will be talking about, after which I offer different classifications of theories of well-being and their particular features. Then, I opt for one objective theory, endorsed by Martha Nussbaum, called the capability approach while also offering my own views on it together with its strengths and weaknesses. After that, I outline a theory proposed by Valerie Tiberius called the value fulfillment theory, which is a subjective theory while also taking into account her efforts of making her theory of well-being applicable to everyday situations. Ultimately, I compare the two theories outlining the aspects in which they differ and emphasizing the things they have in common, ending with directions for action and conclusion.