Abstract: Using CFPS to construct the four-phase balanced panel data from 2010 to 2016, the impact of China’s targeted poverty alleviation policies on residents’ subjective well-being is analyzed with the PSM-DID method. The results show that China’s targeted poverty alleviation policy can significantly enhance the subjective well-being of residents. The effect of the targeted poverty alleviation policy on residents’ subjective well-being is obviously heterogeneous in consideration of region, health condition, and age, which is more significant for the relatively disadvantaged groups. In the post targeted poverty alleviation era, it should continue to improve people’s well-being in a targeted and sustainable way through improving the precision of policy implementation, preventing people from returning to poverty.