Recent years have seen a significant increase in the explicit naming of well-being in educational policy and practice. However, there is a tendency for such naming to occur in a theoretical vacuum which can lead to an ambiguous and ill-defined application, and runs the risk of the construct being viewed purely as ‘happiness’ and negates the space for individual vulnerabilities and experiences of ill-being that are part of the human condition. In this paper we consider some of the philosophical and psychological conceptualisations of well-being, with a specific emphasis on the interplay between well-being, happiness, and ill-being. The paper draws on specific curricular areas, physical education and arts education, to consider first how well-being is integrated in the areas, and second the potential of the subjects to address issues of ill-being. We argue for the need for a wider, nuanced application of well-being to education, perhaps drawing from Aristotle’s view of flourishing, that allows for a more authentic perspective on human functioning that embraces ill-being and vulnerability rather than the narrow pursuance of individual happiness.