This study examined the relationship between the age-related positivity effect (ARPE) of odor-evoked involuntary autobiographical memories and subjective well-being. In this study, a diary method was used to measure memory characteristics of autobiographical memories recalled by odor stimuli in daily life in 200 young and 200 older adults. They were also asked to complete the subjective well-being scale. The results showed that older adults recalled more positive memories than younger adults, suggesting the ARPE does occur. A weak but significant correlation was found between valence rating of autobiographical memory and subjective well-being in older people.