This paper evaluates the changing process and trend of subjective well-being of rural residents in China over the last 20 years, using more than 90,000 sample data from Chinese General Social Survey over the years, and discusses the long-term impact of variables such as education and income and the causes therein. The Easterlin paradox is observed to be widespread among rural residents. After controlling for the peer effect, rural residents with higher education are happier than those with lesser education. In rural areas, the “mid-life crisis” strikes around the age of 45 on average. The higher the education level, the less likely they are to experience a mid-life crisis. As a result, it is proposed that in the new era, gross national happiness should replace gross national product (GNP) as the driving model and performance evaluation index of Rural Revitalization. At the same time, the only way to or preferred strategy for Rural Revitalization is to build a new learning-oriented rural community guided by the concept of lifelong learning by comprehensively improving the average education level of rural residents and the happiness cognition of rural middle-aged people.