This study aims to integrate research literatures and infer about the interrelationship between literacy and subjective well-being (SWB), which has not been explicitly revealed in the previous research literature. With this study goal, a heuristic of systemic review was constructed to analyze and categorize the collected research articles in order to derive both direct and indirect relationships between literacy and SWB. Among the research articles published in Korean journals, we selected (1) four papers that examined the direct relationship between the concepts of literacy and the adjacent concepts of SWB, (2) 16 papers that analyzed the relationship between literacy and the connective factors (e.g., communication, identity, scholastic achievement), and finally (3) 110 papers that revealed the relationship between SWB and the common connective factors. In particular, the reviewed articles in the third group have informed our inferences about literacy-SWB associations, as those research studies were categorized into and analyzed as cognitive, affective, and social contextual dimensions. As a result of data analysis that focused on the relationship between the adjacent concepts of literacy and SWB, it was reported about general tendencies that the lower the literacy ability, the lower the SWB; thereby indicating a possible positive correlation between the two concepts. In addition, the indirect relationship between literacy and SWB was inferred through the third category of connective factors, which is social and contextual. Social and contextual factors were most investigated in both literacy and SWB research, as compared with affective and cognitive factors, including those such as identities, media use, economic conditions, and social participation. The relationship with other factors was not clear-cut as revealed in the current systematic review of Korean research literature, but we note that some international studies become increasingly focused on the literacy-SWB relationship, which is likely to exist (In other words, the research gap in Korean literature may simply represent a lack of academic and scientific research while literacy-SWB seems to be an important area of research that captures attention from both researchers and practitioners in education). This study signifies the close relationship of literacy and SWB and the connective factors between the two concepts, particularly in the social and contextual dimension. The findings from the present study provides a baseline understanding for the follow-up theoretical and empirical studies, of which the goals are to examine literacy-SWB associations in educational settings and thus to facilitate the application of new knowledge about learning and learners to the problem-solving of educational practices.