Recent studies suggest that valuing happiness is negatively associated with well-being. Most of these studies used the Valuing Happiness Scale (Mauss, Tamir, Anderson, & Savino, 2011). In the present paper, we examined the factor structure of this scale using data pooled from six independent samples (Ntotal=938). Exploratory and confirmatory factor analysis showed that the Valuing Happiness Scale is not unidimensional and that only one of its three factors correlates negatively with various indicators of well-being, whereas non-significant or positive correlations were found for the other factors. These findings indicate that valuing happiness may not necessarily be bad for one’s well-being, and call for a better definition, theoretical foundation, and operationalization of this construct.