The present study examines the academic well-being of students with and without special educational needs (SEN) in inclusive classes compared to students from regular classes without children with SEN. In addition, relationships between school well-being and emotional problems, conduct problems, hyperactivity/inattention, peer relationship problems and prosocial behavior are analyzed. A total of 1115 students from 4th and 7th grade (37% 4th graders, 63% 7th graders) participated in the survey, of which 126 were diagnosed as having SEN. The subscale "well-being at school" from the FEESS 3-4 (Rauer & Schuck, 2003), and the SDQ (Goodman, 1997) were used for assessment. Results indicate high reliabilities for the subscale well-being in school for students with and without SEN, both in Grade 4 and Grade 7. Furthermore, school well-being is related to variables at the students’ individual level, as well as variables at the level of the class. Significant predictors of school well-being are gender, behavioral difficulties, behavioral strengths and school grade. Having SEN or not, as well as class setting (regular vs. inclusive class) do not significantly influence school well-being.