<p>Belief in social equity is not just a moral imperative; it is a crucial pillar supporting individual well-being. This study uses nationally representative survey data to examine the relationship between social equity perception and individual subjective well-being in China. The results indicate that social equity perception plays a significantly positive role in subjective well-being, especially for individuals with lower subjective socioeconomic status. The confounding summary of the mediating test reveals that social trust, future expectations, and prosocial behavior collectively explain 37.29% of the association between social equity perception and subjective well-being. Robustness analyses are conducted using sub-group regression, an IV-ordered probit estimation, and a plausible exogenous instrument estimation. Findings are consistent across various models and assumptions. Overall, the findings suggest that improving social equity perception is conducive to enhancing individual subjective well-being. This study highlights the need for and importance of fostering the perception of social equity among the public.</p>