Objectives Aimed to test an association model for Successful Aging (SA), with mindfulness and self-compassion factors as predictor variables, and components of subjective well-being (SWB) as mediating variables in older adults. Method This cross-sectional, descriptive study was conducted using the Google Forms platform and printed questionnaires, applied in an interview format with older adult participants from the Brazilian states of Bahia and Sergipe. A total of 233 older adults participated, residing in the states of Bahia (34.8%) and Sergipe (65.2%), with a mean age of 69.2 years (SD = 7.33). Results The multiple linear regression (MLR) results indicated that SA was associated with mindfulness, the positive factor of self-compassion, and positive affect (PA). Subsequently, structural equation modeling (SEM) suggested that both mindfulness and self-compassion, which positively correlated with each other, were significantly and positively associated with PA, while PA was positively and significantly associated with SA. Conclusion Mindfulness and the positive facet of self-compassion, mediated by PA, were indirectly associated with SA, while PA was significantly and more strongly associated with SA. Finally, mindfulness and the positive facet of self-compassion were positively correlated with each other.