Background Extensive research has shown that music is linked to subjective well-being. However, the specific role of music reward sensitivity seems to be neglected. The current study investigates the potential association between music reward sensitivity and the subjective well-being of college students, and further explores the indirect pathways of resilience and perceived social support. Methods Using a multi-phase research design with two-month intervals, we surveyed 668 undergraduate participants across three waves, assessing music reward sensitivity, resilience, perceived social support, and the components of subjective well-being, including positive affect, negative affect, and life satisfaction. Hierarchical regression and indirect pathway analyses were used to examine the proposed associations. Results Music reward sensitivity was positively associated with positive affect and life satisfaction, but was not significantly associated with negative affect. Indirect pathway analyses indicated that resilience and perceived social support were involved in the associations between music reward sensitivity and positive affect and life satisfaction. Moreover, the social reward facet of music reward sensitivity was positively associated with perceived social support, resilience, positive affect, and life satisfaction, but not with negative affect. Conclusion This study highlights the value of considering music reward sensitivity in research on emotional well-being and life satisfaction among college students. The findings suggest that resilience and perceived social support may help explain the associations between music reward sensitivity and higher positive affect and life satisfaction. They also support future work testing whether music reward sensitivity, especially the socially rewarding aspects of music, can inform individualized music-related interventions.