Although existing studies on adolescent well-being have revealed a positive relationship between gratitude and global subjective well-being, little research investigates whether the findings could be applied to domain-specific of subjective well-being, such as school well-being, and why this linkage arises. The present study addresses this gap by examining the effect of gratitude on school well-being, and the mediation of materialism. Participants were 764 late adolescents who completed measures of gratitude, materialism, and school well-being. Results showed that gratitude had a positive effect on school wellbeing, which was partially mediated by materialism. Furthermore, a multi-group analysis suggested that the pathway from gratitude to school well-being was significantly different between genders. Practical implications and limitations of this study are discussed.