This study examined whether the status (central or peripheral position) of individuals in a friendship network and the quality of a friendship network represent key mechanisms in determining how emotional intelligence is associated with subjective well-being. Using data collected from 217 Chinese senior undergraduates, we found that the interaction of the quality of a friendship network and a peripheral position in a friendship network mediated relations of emotional intelligence with subjective well-being. Although a central position in a friendship network did not interact with the quality of a friendship network, it did mediate the relations of emotional intelligence with subjective well-being on its own. The findings expand the growing body of research findings on the association between emotional intelligence and subjective well-being by investigating the role of friendship networks and highlight the importance of a network perspective in understanding the association.