The association between gratefulness and well-being is well established; however, few studies have examined the mechanisms that underlie this association. The broaden-and-build theory (Fredrickson, 1998, 2001) posits that positive emotions broaden individuals' momentary thought-action repertoires, which serve to build personal resources that can be drawn upon during future stressful encounters. Based on this theory, the current study examined whether gratefulness, a positive emotion, would build social and cognitive resources in terms of social connectedness and presence of meaning in life (i.e., mediators), which subsequently contribute to subjective well-being (SWB). A total of 232 students participated in an online survey at 2 different time points (3 months apart). The mediational hypothesis was tested by latent change score analyses using structural equation modeling techniques. The results showed that changes in gratefulness predicted changes in social connectedness and presence of meaning in life, which, in turn, predicted changes in SWB. The study's findings provided further support for the broaden-and-build theory and suggested that gratefulness is an important positive emotion that contributes to SWB through increased social connectedness and a greater presence of meaning in life. Public Significance Statement This study aimed to explore how gratefulness is linked to well-being. Our findings suggest that gratefulness increases a sense of social connectedness as well as presence of meaning in life, which, in turn, are associated with greater well-being.