Work–family conflict (WFC) research has focused almost exclusively on nonimmigrant populations. To expand the understanding of WFC among immigrants, this longitudinal study (six‐month time lag) aimed to investigate the mechanisms linking acculturation, strain‐based WFC, and subjective well‐being. In order to do this, two theory‐based mediation models were developed and tested on a sample of 264 Chinese immigrants working in New Zealand using structural equation modeling. Results show that subjective well‐being mediated the effect of acculturation on strain‐based WFC, and acculturation did not directly influence strain‐based WFC. Furthermore, evidence was found for reciprocal relationships between strain‐based WFC and subjective well‐being, as well as for the same‐domain perspective. Strain‐based work interfering with family and strain‐based family interfering with work (two directions of strain‐based WFC) have significant effects on work‐related and family‐related well‐being, respectively, and vice versa. Overall, the present study provides an appropriate platform for future work–family research on immigrant populations and offers practical prescriptions for human resource managers to operate successfully within a diverse workplace.