Abstract Objective: The role of social relationships in determining wellbeing may be particularly salient in ageing populations. There is only limited longitudinal research examining the relationship between different dimensions of social relationships and change in wellbeing over time. The present analysis explores the association between isolation, loneliness and two measures of subjective well-being over 6 years using data from the English Longitudinal Study of Ageing. Design: Measures of social relationships were obtained at baseline and associations with wellbeing over the following 6 years were analysed using mixed models. Main outcome measures: Hedonic and evaluative wellbeing assessed every 2 years over the 6-year period. Results: Levels of wellbeing showed a U-shaped relationship with time. At baseline higher isolation and loneliness were associated with lower levels of hedonic and evaluative wellbeing. Individuals with high levels of isolation and loneliness initially showed a smaller decrease in evaluative wellbeing. The subsequent rise in wellbeing was however, also diminished in this group. In contrast, loneliness was not associated with rate of change in hedonic wellbeing, while high levels of isolation were associated with a sustained decrease in hedonic wellbeing. Conclusion: Social isolation and loneliness show different associations with changes in evaluative and hedonic wellbeing over time.