Happiness has become one of the most important life goals worldwide. However, does valuing happiness lead to better well-being? This study investigates the effect of valuing happiness on well-being using a population-based longitudinal survey of Dutch adults ( N = 8,331) from 2019 to 2023. Random-intercept cross-lagged panel models indicated that those who valued happiness generally exhibited higher well-being as manifested by life satisfaction, more positive affect, and less negative affect. However, increases in valuing happiness did not result in changes in life satisfaction 1 year later and had mixed emotional consequences (i.e., increasing both positive and negative affect). Additional analyses using fixed-effects models indicated that valuing happiness had contemporaneous positive effects on well-being. These findings indicate that endorsing happiness goals may have immediate psychological benefits but may not necessarily translate into long-term positive outcomes.