A growing body of literature explains subjective well-being (SWB) from different perspectives. The statement of “built, human, social, and natural capital are necessary determinants of SWB” is named the four-capital model. Based on a cross-sectional dataset in 2013, which included 3293 individuals and covered the urban areas of most provinces in China, this paper employs the four-capital model to explain individual SWB of urban China. We select individual income and household income per capita as proxies of built capital; physical health and education as proxies of human capital; social connection and social trust as proxies of social capital; and air quality as a proxy of natural capital. In the four-capital model, household income per capita and physical health have almost the same and larger positive impacts on individual SWB of urban China; social connection, social trust, and air quality have smaller and diminishing positive impacts on individual SWB of urban China; and individual income and education are statistically insignificant. The empirical results offer guidance on how to achieve human-centered urbanization for China. This paper provides insights into how to further improve human well-being of urban residents in China and the applicability of the four-capital model in explaining SWB at the individual level.