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Although festival tourism is an excellent fertile ground for improving individual emotions, few studies have been conducted on the influencing factors and formation mechanisms of festival tourists’ subjective well-being. To address the current research gap, this paper draws on Arnold’ s theory of emotion to examine a comprehensive formation model of tourists’ subjective well-being. The findings from 581 samples indicate that event design innovation, cultural innovation and aesthetic innovation of festival tourism are positive stimulus factors of tourists’ subjective well-being. Both experience quality and perceived festival value mediate the effects of cultural innovation and aesthetic innovation on subjective well-being, yet have no mediating effect on the relationship between event design innovation and well-being. However, it can only be achieved when festival authenticity contributes to a positive moderating effect. This study provides new ideas for the collaborative advancement of innovative development and authentic inheritance in festival tourism destinations.