ABSTRACT Despite the increased recognition of leisure’s significance, there remains a general lack of understanding about which aspects or types of leisure contribute to higher levels of subjective and eudaimonic wellbeing. The purpose of this study was to examine how diverse aspects of leisure, such as free time availability, leisure activity participation, and subjective experiences, are associated with both subjective wellbeing (SWB; e.g. positive affect, negative affect, happiness, and life satisfaction) and eudaimonic wellbeing (EWB; ikigai). Ikigai is a Japanese concept that approximates ‘life worth living’, whereupon we explored leisure’s relevance to a non-Western well-being concept. We analyzed online survey data from 674 Japanese university students through hierarchical regressions to investigate the potential influence of leisure-related variables on SWB and EWB. The outcomes revealed that SWB was associated with free time availability, leisure activity participation, and subjective experiences, whereas EWB was primarily linked to leisure activity participation and subjective experiences.