The present study investigates the life events, with self-perceived health, self-esteem, internality and coping effectiveness as indicators, could explain the occurrence of positive affect and depression among seniors in Hong Kong. One hundred and three elderly respondents (male=50.49%, female=49.51%; mean age=65.61, S.D.=4.84) were successfully face-to-face interviewed individually. Each of them was invited to answer the same set of research questions and all the questions were read to them by the interviewer. The result showed the respondents scored 84.66 averagely in the life event scale that means they were at low stress level due to the occurrence of life events. Age-associated change in subjective health was very small in the study and yielded no significant correlation between life events and positive affect. However, gender differences were found in self-esteem (t = 4.72; p<0.001), internality (t = -3.74; p<0.001), problem-focused coping USE (t = -8.10; p<0.001), avoidance coping USE (t = 7.94; p<0.001), positive appraisal coping USE (t =-2.90; p = 0.005), emotional discharge coping USE (t = 21.15; p<0.001), problem-focused coping HELP (t = -5.25; p<0.001), avoidance coping HELP (t = 7.72; p<0.001), positive appraisal coping HELP (t = -3.79; p<0.001), emotional discharge coping HELP (t = 13.81; p<0.001), avoidance coping effectiveness (t = 2.11; p = 0.037), positive appraisal coping effectiveness (t = 2.10; p = 0.038), emotional discharge coping effectiveness (t = -2.12; p = 0.036), and positive affect (t = -3.11; p = 0.002). The Respondents showed a positive sense of personal worth and had medium level of internality. Furthermore, respondents showed both low level of positive affect and depression. Self-esteem was found to be a moderator on the relationship between life events and psychological well-being (both positive affect and depression), while internality was found to be a moderator on the relationship between life events and positive affect after series of hierarchical regression analyses were conducted. However, coping USE and effectiveness showed no moderating effects on the life events-psychological well-being model. In conclusion, it is suggested that further research is required to clarify those relationships between the variables especially the ways in which they affect well-being, in terms of depression and positive affect separately, among Chinese cohort.Keyword(s): aging/older adult issues