Happiness is a subjective term conceptualized in varied ways by individuals and across disciplines. However, how it comes to be understood in reference to the educational context can provide directions for future endeavors in increasing student happiness, or well-being, the terms often used interchangeably. The term well-being, nonetheless, has gained more prominence owing to a broader spectrum of features it encompasses. The discipline of positive psychology which has received eminent advancement in recent times has offered a plethora of approaches to improve well-being of individuals. The VIA classification of strengths by Christopher Peterson and Martin Seligman (2004), offers a framework of 24 positive traits condensed further into 6 virtues, emphasizing employment of simple strategies to foster inherent strengths possessed by individuals in varying degrees, for accomplishing a greater sense of well-being. This review paper, examines the empirical evidence of the influence of various strengths and virtues as delineated in the VIA classification of strengths and other positive psychology interventions on well-being. The impact of various intervention studies with school and university students is also looked at. Evidence has revealed correlation between positive psychology interventions on strengthening character strengths and student well-being across cultures. Simple intervention strategies, such as practicing gratitude, mindfulness and social skills enhancement exercises led to decrease in negative affect and increased levels of positive affect and life satisfaction. Further, as it may be aptly believed that for any school-based intervention to reap benefits in a sustainable manner, the role of teachers cannot be undermined. The paper attempts to highlight the role of teachers in advancement of student well-being, their conceptualization, attitudes and their own sense of well-being which has a bearing on their classroom management styles as evidenced in research.