“Easterlin paradox” refers to the fact that a significant increase in the level of living of residents does not directly enhance the well-being of residents, this phenomenon is also known as the “the mystery between happiness and income”. In order to investigate the phenomenon of the “Easterlin paradox” in China, this paper, first of all, builds a theoretical model to examine the factors influencing the happiness of residents and then makes an empirical test on sense of happiness of residents on the basis of micro survey data and Oprobit econometric model. The results indicate that, the improvement of income levels can enhance the happiness of residents, while the improvement of regional average income level will reduce the residents happiness, the expansion of income gaps and inequality of opportunities also weaken the happiness of residents. Therefore, it is conducive to enhancing the happiness of residents to reduce inequality of opportunity and narrow the income gap as well as to raise income levels.