Experiential purchase and material purchase, two different purchases, have been focused since their emergence in consumer psychology area a dozen years ago. Their relationships with consumer happiness have been supported by previous studies. Namely, experiential purchase leads to more happiness, compared with material purchase. However, happiness referring to hedonic well-being was largely concerned in this topic while eudaimonic well-being, emphasizing different aspects from hedonic well-being, was rarely examined. The present study examined if the positive effect of experiential purchase exists in the relationship of purchase type and eudaimonic well-being, besides hedonic well-being. And the study further explored the mechanism beneath it. Based on Self-Determination Theory, we hypothesized that experiential type improves hedonic well-being as well as eudaimonic well-being, more than material purchase. Relatedness need satisfaction plays a mediational role in these two relationships. The study consisted of a sample of 294 people from colleges and online surveys. Participants were induced to recall experience of experiential purchase or material purchase. Sequentially, they were asked to report levels of relatedness need satisfaction, purchase-related hedonic well-being, and eudaimonic well-being on two questionnaires. The results showed that: (1) Hedonic well-being gained from recall of experiential purchases (M experiential = 5.42, SD experiential = 1.13) was significantly higher than that that gained from recall of material purchases (M material = 4.69, SD material =1.34; t (292) = 5.09, p < .01, Cohen’s d = .59). The same pattern appeared in eudaimonic well-being (M experiential = 5.09, SD experiential = 1.10; M material = 4.49, SD material = 1.18; t (292) = 4.46, p < .01, Cohen’s d = .53). (2)Purchase type was positively associated with two types of well-being (hedonic well-being: β = .27, t = 5.22, p < .01; eudaimonic well-being: β = .23, t = 4.57, p < .01), and relatedness need satisfaction (β = .42, t = 8.78, p < .01). Relatedness need satisfaction was also positively associated with well-being (hedonic well-being: β = .46, t = 8.21, p < .01; eudaimonic well-being: β = .57, t = 11.00, p < .01) after controlling for purchase type. Moreover, the indirect effects of purchase type on hedonic well-being (Boot indirect effect = .25, Boot SE = .04, 95% bootstrap confidence interval: .16 to .38) and eudaimonic well-being (Boot indirect effect = .28, Boot SE = .05, 95% bootstrap confidence interval: .19 to .40) through relatedness need satisfaction were statistically significant. The results supported our hypothesis that (1) experiential purchases lead to higher levels of eudaimonic well-being and hedonic well-being; (2) relatedness need satisfaction mediates the relationships of purchase type with hedonic well-being and eudaimonic well-being. The current study expanded the topic of purchase type and well-being by exploring another crucial type of well-being, and revealing the mechanism of purchase type on individual well-being. The joyful and meaningful effect of experiential purchase could be a reference for consumers to make the most of discretionary money.