In a large national sample of American and Japanese older adults, this study investigated how bicultural identity affects perception of health and well-being in 11 individual psychological variables (i.e. positive well-being: self-esteem, optimism, subjective well-being Japanese equivalent, gratitude, Positive and Negative Affect Schedule-positive adjectives, and satisfaction with life; negative well-being: depression, pessimism, social anxiety, Positive and Negative Affect Schedule-negative adjectives, and perceived stress). This sample consisted of 1248 Americans from the Midlife in the United States survey, 2004-2006, and 380 Japanese from the Midlife in Japan survey in Tokyo, Japan, 2008-2010. Results showed that bicultural individuals (having both highly independent and interdependent self-construals) in both countries tend to exhibit higher scores across most perceived health and well-being measures when compared to other groups (i.e. marginal, interdependent, and independent). Cultural-specific aspects of self-construal, health, and well-being are explained to support the findings. Discussion of these findings and their implications is also provided.