Well-being is considered a prerequisite for a number of outcomes, including academic achievement, and yet research reporting on the association between well-being and academic achievement yields ambiguous results. A systematic review into this association, in accordance with PRISMA guidelines was conducted in PubMed and PsycINFO from June to September 2017. Title, abstract, and full text were screened by two independent raters, and 22 articles were eligible. Results were inconsistent, reporting both positive association, no association or conflicting results. Studies reporting positive association were primarily cross-sectional, focused on relational aspects of well-being and on younger children, and used parent or teacher-ratings in addition to self-report. The conflicting studies indicated a need for future research into more specific aspects of well-being and academic achievement, preferably using longitudinal study designs.