Despite the concerns about older adults' overall quality of life during the COVID-19 pandemic, they often demonstrated better resilience, adaptability, and subjective well-being (SWB) than younger individuals. However, longer-term trends remain unclear. This study aims to describe older adults' trajectories in SWB dimensions before, during, and after the pandemic spanning 2017-2022. This study used piecewise growth curve analysis on a subsample of the Swiss Household Panel to investigate the population-average (n individuals = 3086; n = observations = 13,780) trajectories of SWB dimensions and stress among adults aged 65 and older between 2017 and 2022. We also tested whether these trajectories differed by age, gender, and household income. Life satisfaction and positive affect remained stable among older people during the pandemic (2019-2021) but declined after. Negative affect increased during the pandemic and decreased afterward, while stress levels increased slightly before and significantly after the pandemic. The trajectories did not differ by gender or household income, but the oldest-old (> 75-year-old) had a more significant decline in positive affect and life satisfaction pre-pandemic (2017-2019) and stress during the pandemic (2020-2021). Research shows that older adults possess adaptation skills and emotional competencies, which enable them to navigate pandemic challenges. However, we show that the post-pandemic era presents more substantial challenges for this older population, who perhaps face more difficulties adapting to the new uncertain post-pandemic world. Further research needs to examine if these findings replicate in other contexts, for instance, where pandemic containment measures have been more stringent.