Background: Theory and research have shown that gratitude interventions have positive outcomes on measures of well‐being. Gratitude listing, behavioral expressions, and grateful contemplation are methods of inducing gratitude. While research has examined gratitude listing and behavioral expressions, no study has tested the long‐term effects of a gratitude contemplation intervention on well‐being. Methods: The present experiment examined the efficacy of a 4‐week gratitude contemplation intervention program in improving well‐being relative to a memorable events control condition. Pre‐test measures of cardiac coherence, trait gratitude, and positive and negative affect were collected. Pre‐ and post‐test measures assessing satisfaction with life and self‐esteem were also collected. Daily positive and negative affect were completed twice a week throughout the intervention period. Results: Compared to those in the memorable events condition, participants in the gratitude condition reported higher satisfaction with life and self‐esteem. Trait gratitude was found to moderate the effects of the gratitude intervention on satisfaction with life. Conclusion: Grateful contemplation can be used to enhance long‐term well‐being.