Objective: The purpose of this study is to examine the impact of factors associated with children’s play environment and the right to play on children’s eudaimonia which is good psychological functioning aspect of the subjective well-being. Methods: A research model was specified based on the review of the literatures on children’s play, the right to play, and subjective well-being. The population of the study is fourth to sixth graders enrolled in elementary schools in Busan metropolitan area. A survey was conducted with 1,630 student samples, and data from 1,544 respondents were used for the descriptive statistics, t-test, ANOVA, and hierarchical multiple regression analyses. Results: There were significant differences in gender and school grade in children’s eudaimonia. The hierarchical multiple regression analysis indicated that availability of playmates, positive evaluation of their community play environment, both parental and school teachers’ high recognition of children’s right to play, and children’s own perception of the right to play had significantly increased children’s eudaimonic well-being. Conclusions: Children’s play environment and right to play are significant factors in children’s eudaimonia. Findings were discussed in terms of implications for practical intervention and further research on children’s eudaimonia.