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Psychological problems (e.g., depression and anxiety) have been widely studied as an important public health issue in the background of the pandemic, whereas the positive aspects (e.g., well-being) have been paid little attention. The present study aimed to investigate the effects of the COVID-19 pandemic and generations on well-being by adopting 5 groups (Post-00s, Post-90s, Post-80s, Post-70s, and Post-60s) × 2 time points (before and during the COVID-19 pandemic) mixed factorial design. A total of 1579 Chinese adults completed the self-report survey, and a valid sample of 1529 adults from five generational cohorts was included in the data analysis. Results of the mixed factorial ANOVAs and simple effects analyses showed significant interaction effects on some dimensions of well-being. Specifically, the Post-80s exhibited a significant increase in both Engagement and Accomplishment of well-being during the pandemic, and the Post-60s generation demonstrated a significant improvement in Engagement of well-being. However, the other generations did not show significant changes. It could be concluded that the effects of the pandemic on well-being are complicated across generations.