The present study examines momentary experiences of happiness and meaning, two components of well-being, by using an experience sampling method. Participants included 603 Korean adults, who generated 24,430 responses over the course of 2–4 weeks. Results revealed that reported levels of happiness and meaning fluctuated substantially over the course of a day and that contextual factors, such as daily activities, social interaction partners, day of week, and time of day, along with demographic variables, were significant predictors of momentary happiness and meaning. In addition, we observe that people often experienced happiness and meaning independently of each other during a single daily event. In sum, momentary experiences of happiness and meaning were dynamic, related but distinct, and varied by individuals across daily events and over time.