The present piece of research is an attempt to probe the impact of life events on well-being. In this research the researcher has tried to find out the relationship of total life events, positive (Pleasant) as well as negative (Unpleasant) life events and controllable pleasant side by side uncontrollable pleasant events with negative and positive aspects of well-being. To achieve this objective, measures of positive and negative life events and positive and negative facets of well-being were administered to adolescents and the data obtained were analysed in order to determine the relationship of positive events with negative and positive states of well-being independently as well as in interaction with negative events. In this context positive and negative events were studied as independent variables and measures of positive well-being and neuroticism being the dependent variables.