The article examines the relationship between well-being and ludic principles of human agency, health and play, whose connection is highly "neglected in contemporary psychology (Gwen Gordon, 2014). As the psychological concept of eudaimonism refers primarily to Aristotle's ethical philosophy, the article first examines Aristotle's concept of happiness and ethics. This analysis reveals that Aristotle's teleological, morally normative, elitist and universal framing is limitative for giving a present-day account of eudaimonism, personal singularity and non-normativity. The account of Eudaimonia in Fink and Agamben, on the other hand, opens up space for using the concept of play as a basic structure of human self-relationship, place of self-development and creation of the real. "To be happy" is not seen as achieving some state of inner harmony, unity and/or flourishing, but as the capacity to live in a conflict, go through moments of destruction and transformation and create new reality. The article reinterprets Aristotelian concept of happiness, which excludes the ludic principles from any form of the "serious", "real" well-being; it shows how the play can take a genuine part in developing the maturing human personality.