The present study aimed to identify the determinants of life satisfaction and happiness in Turkey with a special focus on value orientations. For this purpose, data that were collected as a part of the World Values Survey in 1990, 1996, 2001, 2007, and 2012 were used. The findings revealed that levels of life satisfaction and happiness had changed across time. Additionally, the findings indicated that Inglehart's theory of value change is not valid for Turkey. Turkish people tended to demonstrate a materialistic value orientation across the last two waves of the survey. The analytic results of ordered logit models also supported the existence of a significant relationship between value orientations and subjective well-being. The present results suggest that postmaterialists are more satisfied with their lives than materialists who ascribe importance to only traditional economic concerns.