Lay theories about willpower—the belief that willpower is a limited versus nonlimited resource—affect self‐control and goal striving in everyday life (Job, Dweck, & Walton, 2010). Three studies examined whether willpower theories also relate to people's subjective well‐being by shaping the progress they make toward their personal goals. A cross‐sectional (Study 1) and two longitudinal studies (Studies 2 and 3) measured individuals’ willpower theories and different indicators of subjective well‐being. Additionally, Study 3 measured goal striving and personal goal progress. A limited theory about willpower was associated with lower subjective well‐being in a sample of working adults (Study 1, N = 258). Further, a limited theory predicted lower levels of well‐being at a time when students faced high self‐regulatory demands (Study 2, N = 196). Study 3 (N = 157) replicated the finding that students with a limited theory experienced lower well‐being in phases of high self‐regulatory demands and found that personal goal progress mediated this relationship. Results suggest that the belief that willpower is based on a limited resource has negative implications not only for self‐control but also for personal goal striving and subjective well‐being.