This study investigated the relationship between the emotional use of music and subjective well-being in older Chinese adults. Specifically, it examined how the emotionally adaptive functions of music mediate the relationship between the emotional use of music and subjective well-being moderated by perceived stress. The participants were 347 older Chinese men and women aged 60 years or older. The moderated mediating effect was analyzed using PROCESS Macro 3.5 Model 15. The results revealed that the use of music was positively correlated with the emotionally adaptive functions of music and the subjective well-being of older adults. By contrast, it was negatively correlated with perceived stress. Perceived stress was negatively correlated with subjective well-being, but it was not significantly correlated with the emotional use of music and emotionally adaptive functions of music in senescence. The emotionally adaptive functions of music were positively correlated with subjective well-being. In a moderated mediating model, there was a significant interaction effect between the use of music and perceived stress. However, the emotionally adaptive functions of music could not mediate the relationship between the use of music and the life satisfaction of older adults, regardless of the level of perceived stress. These findings suggest that although there may be a difference depending on the level of perceived stress, the use of music can promote emotionally adaptive functions of music and lead to life satisfaction among older adults.