Short-video addiction has become an increasingly important concern among college students, but the psychological processes through which general well-being is associated with problematic short-video use remain insufficiently understood. Drawing on the social compensation perspective and self-control theory, this study examined whether alienation and self-control are associated with the association between subjective well-being and short-video addiction. A total of 1,731 college students from eight universities in Hunan Province completed measures of subjective well-being, alienation, self-control, and short-video addiction. Correlation analyses and structural equation modeling indicated that subjective well-being was negatively associated with short-video addiction. Alienation and self-control each mediated this association, and a significant serial mediation pathway was also found. Specifically, lower subjective well-being was associated with greater alienation, which was further related to weaker self-control and higher levels of short-video addiction. These findings suggest that problematic short-video use among college students may reflect not only excessive media engagement, but also a broader psychological process involving social-emotional disconnection and impaired self-regulation. By integrating the social compensation perspective with self-control theory, this study provides a more comprehensive account of the mechanisms linking subjective well-being to short-video addiction and suggests the potential value of interventions that enhance well-being, reduce alienation, and strengthen self-control among college students.