The relation between the global happiness and school-related happiness of 737 12-year-old students was examined. The measures were the Subjective Happiness Scale Lyubomirsky and Lepper (1999) and the School Children’s Happiness Inventory (SCHI 2007). Additionally, the respondents were asked to choose from a list of 12 putative items that make people happy what they felt increased their happiness. They were also asked about their relationships with family members and other important people. The results show a strong relationship between global and school-related happiness and social relationships. The most popular choices of the happiness increasing factors were success in school, more free time and success in a hobby. However, the choices were dependent on the level of global happiness. The least happy students more often than others wanted to have more friends, better looks, more money and a peaceful family life. The happiest students had the fewest number of expressed desires with no special characteristics. The results confirm safe social relations as a primary factor underlying children’s happiness, but they also reveal an achievement-focused attitude in the Finnish students. Future directions in happiness research among school children are discussed.