The present study investigated a conceptual model by testing flow experience and subjective well-being of university students during Coronavirus Diseas-19 (COVID-19) via considering their underlying mechanisms of academic self-efficacy and self-esteem. A total of 1,109 Chinese university students completed a questionnaire containing scales of subjective well-being, flow, academic self-efficacy, and self-esteem. Results yielded from the structural equation modeling analysis indicated a significant and positive association between flow experience and subjective well-being, and such an association was sequentially mediated by academic self-efficacy and self-esteem. Findings also provided empirical evidence for the proposed model highlighting the significant role of flow experience at the higher educational context in predicting subjective well-being of Chinese university students, and how such a relation can be supported by suggested mediating roles academic self-efficacy and self-esteem played.