A large body of research has investigated psychological distress during the menopause transition, but less is known about the experience of positive well-being at this time. The aim of this review is to evaluate the evidence on the relationship between menopausal factors (stage and symptoms) and indices of positive well-being including mood, satisfaction with life and eudaimonic well-being. A systematic review of the literature was conducted according to PRISMA guidelines. Nineteen relevant publications were found. Two out of 18 studies found a statistically significant association between menopausal stage and well-being, and one found a significant negative association between vasomotor symptoms and well-being. Four found menopausal symptoms measured with aggregate scales such as the Greene Climacteric Scale were associated with significantly diminished well-being, with the effect driven by the inclusion of psychological symptoms (e.g. 'crying spells') within the aggregate scales. Results indicate that there may be a dissociation, whereby menopausal stage and core vasomotor symptoms of menopause are related to negative, but not positive well-being. Positive well-being may be largely unaffected by menopause, which may mean that it is available for use as a resilience factor that women can draw on to meet the challenges that midlife presents.