The well-being of participants at major destination events has received little empirical attention in the literature. This paper explores LGBT (Lesbian, Gay, Bisexual, Transgender & other sexual minority) event participants’ hedonic and eudaimonic well-being at the iconic Hangzhou Rainbow Marathon (HRM) in China. PERMA (Positive Emotions, Engagement, Relationships, Meaning, and Achievement) psychological model of human flourishing was adopted to analyze hedonic and eudaimonic well-being. Mixed qualitative methods, in the form of semi-structured in-depth interviews and a focus group, were used to address the research aim. This data was supported by informal personal observations at the marathon site. Distinctions among participants’ experiences were identified, resulting in slightly different perceptions of PERMA elements for paraders, volunteers and organizers. Through this role-based perspective, an event specific PERMA model emerged. Implications for event organizers and marketing specialists are provided.