Background: Older adults are more likely to be burdened by multiple health conditions, and comorbid physical and mental health conditions adversely affect one’s overall well-being. However, little is known about physical-mental comorbidity as a determinant for subjective well-being among racially/ethnically diverse elders. Objectives: The current study examined racial/ethnic variations in the relationship between types and severity of comorbidity and subjective well-being among diverse elders (White, Black, Hispanic, and Asian). Methods: Data were drawn from the National Health and Aging Trends Study (NHATS) collected in 2011. The current study included 8064 participants who self-identified as White, Black, Hispanic, or Asian in our analyses. In order to examine comorbidity, participants were grouped using sixteen common physical health conditions and two mental disorders. Chi-square analyses were used to compare racially/ethnically diverse participants on demographic variables and types of comorbidity. Analyses of covariance (ANCOVAs) were used to assess the relationship between types and severity of comorbidity and subjective well-being among diverse elders. Results: Significant differences were found on background characteristics and types of comorbidity among racially/ethnically diverse elders. For main analysis results (ANCOVAs), Blacks and Hispanics reported higher subjective well-being than Whites after controlling for covariates. Participants with physical-mental comorbidity reported lower subjective well-being compared to healthy participants. As the severity of physical-mental comorbidity increased, subjective well-being decreased. Conclusion: The current study provided detailed descriptions and comprehensive knowledge of the relationship between physical-mental comorbidity and subjective well-being among diverse elders. Study limitations, clinical implications, and directions for future research are discussed.