Subjective well‐being (SWB; Diener, 1984) comprises three primary components: life satisfaction (LS), positive affect (PA), and negative affect (NA). Multiple competing conceptualizations of the tripartite structure of SWB have been employed, resulting in widespread ambiguity concerning the definition, operationalization, analysis, and synthesis of SWB‐related findings (Busseri & Sadava, 2011). We report two studies evaluating two predominant structural models (as recently identified by Busseri, 2015): a hierarchical model comprising a higher‐order latent SWB factor with LS, PA, and NA as indicators; and a causal systems model specifying unidirectional effects of PA and NA on LS. A longitudinal study (N = 452; Mage = 18.54; 76.5% female) and a lab‐based experiment (N = 195; Mage = 20.42 years; 87.6% female; 81.5% Caucasian) were undertaken. Structural models were evaluated with respect to (a) associations among SWB components across time (three months, three years in Study 1; one week in Study 2) and (b) the impact of manipulating the individual SWB components (Study 2). A hierarchical structural model was supported in both studies; conflicting evidence was found for the causal systems model. A hierarchical model provides a robust conceptualization for the tripartite structure of SWB.