Short video addiction among adolescents is a pressing public health concern. However, the mechanisms underlying its detrimental effects on subjective well-being remain underexplored. Grounded in the Goal Attainment and Social Comparison Theories, this study investigated how short video addiction erodes adolescents' well-being through the chain mediation of emotional states and sense of meaning in life. A cross-sectional survey of 1735 middle school students from five Chinese provinces revealed three key findings: (1) Short video addiction reduced subjective well-being (β = −0.1065, P < 0.001); (2) Emotional state mediated 62.63 % of this relationship, as addiction exacerbated negative emotions (e.g., anxiety, depression), which diminished well-being (β = −0.0667); (3) While the independent role of the sense of meaning in life was nonsignificant, a chain pathway emerged: addiction worsened emotional states, which then undermined meaning perception, further reducing well-being (β = −0.0140, 13.15 % of total effect). This study deconstructs the ‘addiction-well-being paradox’ mechanism through dual affective and existential perspectives. Theoretically, this confirms the core mediating role of emotional states and reveals the vulnerability of adolescents' meaning systems. Practically, it proposes a tiered intervention strategy: families and schools should focus on emotion regulation and media literacy education, whereas policymakers should optimise platform algorithms for Youth Mode to mitigate social comparison risks. This study provides a theoretical framework for unravelling the psychological underpinnings of short video addiction and charts a practical path for enhancing adolescent digital well-being.