Recent research has established the effect of mindfulness on subjective well-being. In this present study we attempt to extend the previous literature by investigating the potential mediating role of resilience in the impact of mindfulness on life satisfaction and affect as indices of subjective well-being. The Mindful Attention Awareness Scale (MAAS), Connor–Davidson Resilience Scale (CD-RISC), the Satisfaction with Life Scale (SWLS) and Positive and Negative Affect Schedule (PANAS) were administered to 327 undergraduate university students in India. Structural equation modeling (SEM) results showed that resilience partially mediated the relationship between mindfulness and life satisfaction and affect components. The findings corroborate an important role of resilience in mindfulness exerting its beneficial effects. This study makes a contribution to the potential mechanism of the association between mindfulness and subjective well-being.