This research analyzes the relationship between multidimensional poverty (income and social deprivation) and subjective well-being (SWB), understood as a multidimensional construct that includes affective, occupational, educational, and contextual factors. The findings reveal that the relationship is not linear: while the extremes (dissatisfied poor and satisfied non-poor) confirm a clear connection, there are nuances. For example, some poor people show high well-being (rural populations with support networks), while some non-poor people are dissatisfied (with moderate precariousness). In addition, regional differences are identified: the north (e.g., Sonora) associates low poverty with high BS, thanks to effective socioeconomic policies; the south-southeast (e.g., Chiapas) has high poverty and low SWB, reflecting historical inequality. The study concludes that SWB depends on economic, demographic, and contextual factors, highlighting the need for policies that integrate material and emotional improvements to reduce structural gaps.