This study examined the relationship between the psychological attitude toward fantasy and flow experience, and subjective well-being. College students, vocational school students, and university staff (N =299) completed (1) the multiphasic fantasy inventory, (2) the flow experience checklist, and (3) the subjective well-being inventory. First, a series of t-tests revealed that the participants scoring high on flow experience scored high on "wish fulfillment in fantasy," "coping with the future," and "positive effect," and scored low on "fantasy activity is useless." The participants scoring high on mental health scored high on "coping with the future," and scored low on "fantasy prone," "indulging in fantasy in unpleasant conditions," and "negative effect." Second, a model explaining the relationship between the psychological attitude toward fantasy and flow experience, and subjective well-being was constructed. A covariance structure analysis was used and the goodness of fit index was not found to be significant.