The following article presents a theoretical analysis of human well-being in relation to sustainable tourism and to tourism hosting communities. Well-being of hosts, in accordance with UNWTO or UNGA, should be achieved when sustainable tourism guidelines are fulfilled. The question posed in this article, however, challenges that view. Does it really lead to well-being? Or maybe we are missing some important issues on the way? The article is divided into three sections. In the first section, well-being conceptual backgrounds are presented. The second section is devoted to the analysis of well-being usage in sustainable tourism conceptual background, and focuses on the differences between the guidelines provided in 2005, and the latest guidelines published by UNWTO and UNGA in 2015. The third part, juxtaposes well-being conceptual background with tourism. Eventually, most prominent gaps and challenges of well-being in a frame of sustainable tourism are presented in detail. KEYWORDS human well-being, sustainable development, tourism