The authors analyze main indicators of objective and subjective wellbeing over 2004 – 2011 in the countries of Central Asia compared to respective indicators for Russia and Belarus. Data on differentiation of subjective wellbeing according to main socio-demographic characteristics are presented. A discrepancy between objective indicators and subjective well-being in Central Asia is stated: objectively, economic situation in these countries (except Kazakhstan) is dysfunctional, while level of subjective satisfaction with financial situation and level of life satisfaction is high. Discussed are possible reasons for this mismatch. In Russia, Kazakhstan and Kyrgyzstan people with a high level of education are more satisfied with life than those with middle-level education.