This study examined the role of values, traits and their interactions for the experience of eudaimonic and hedonic well‐being. First wave studies on value and well‐being relationships yielded inconsistent results suggesting that these relationships are moderated by other factors, possibly by personality traits. We asked a representative sample of adult Poles (N = 1161) to report on their personality traits (according to five‐factor theory), values (conceptualised by Schwartz) and well‐being (hedonic and eudaimonic). Results showed, that higher Extraversion, Emotional stability, Intellect, Agreeableness and Conscientiousness were related to higher well‐being, confirming and expanding claims from personality theory of subjective well‐being: stable predispositions are related not only to subjective, but also to eudaimonic well‐being. Values expressing Openness to change, Self‐transcendence and Conservation were also positively correlated with well‐being, while the role of Self‐enhancement was unclear. This confirmed that growth needs expressed in Openness to change and Self‐transcendence values promote well‐being, but also that values expressing deficiency needs can be positively related to well‐being, possibly in specific circumstances. Finally, the two levels of personality (traits and values) proved to have a joint relationship to well‐being: higher Conscientiousness and Agreeableness enhanced positive relationships of Openness to change and Self‐transcendence with some aspects of well‐being.