China's aging is accompanied by the characteristics of disability and empty-nest, and the social demand for old-age care is also expanding. In order to alleviate the social contradictions caused by the excessive burden of long-term care in the future, China began the long-term care insurance pilot work in 2016. Based on the data from the third phase of the Chinese Aging Health Influencing Factors (CLHLS) database in 2011, 2014 and 2018, this paper used PSM-DID to analyze the impact of long-term care insurance on the subjective well-being of disabled elderly people. The results showed that long-term care insurance significantly increased the subjective well-being of disabled elderly people, and the results were still significant under the robustness test; The results of heterogeneity analysis show that long-term care insurance significantly affects the subjective well-being of female and urban disabled elderly people. The conclusion of this study has certain practical significance for promoting the perfection of long-term care insurance system and improving the quality of life of disabled elderly people.