This study examined the role of values, traits and their interactions for the experience of eudaimonic and hedonic well-being. First wave studies on value and well-being relationships yielded inconsistent results suggesting that these relationships are moderated by other factors, possibly by personality traits. We asked a representative sample of adult Poles (N = 1161) to report on their personality traits (according to five-factor theory), values (conceptualised by Schwartz) and well-being (hedonic and eudaimonic). Results showed, that higher Extraversion, Emotional stability, Intellect, Agreeableness and Conscientiousness were related to higher well-being, confirming and expanding claims from personality theory of subjective well-being: stable predispositions are related not only to subjective, but also to eudaimonic well-being. Values expressing Openness to change, Self-transcendence and Conservation were also positively correlated with well-being, while the role of Self-enhancement was unclear. This confirmed that growth needs expressed in Openness to change and Self-transcendence values promote well-being, but also that values expressing deficiency needs can be positively related to well-being, possibly in specific circumstances. Finally, the two levels of personality (traits and values) proved to have a joint relationship to well-being: higher Conscientiousness and Agreeableness enhanced positive relationships of Openness to change and Self-transcendence with some aspects of well-being. © 2021 The Authors. International Journal of Psychology published by John Wiley & Sons Ltd on behalf of International Union of Psychological Science.