This is an empirical study that evaluates the influence of household income, inter-household relative income, intra-household bargaining power on the happiness of Japanese married women using data from the Japanese Household Panel Survey (JHPS) conducted from 1995 and 2013. There are five major conclusions. First, the absolute income hypothesis is supported. The result is consistent with published studies for other developed and developing countries. Second, when absolute income is controlled, the inter-household relative income hypothesis is not supported: but when absolute income is not controlled, it is supported. Third, the income and education gap between a wife and her husband can negatively affect her happiness: however, the larger the amount of the husband’s income controlled by the wife the greater her happiness is, and the affect is more marked for the working wife group than the non-work wife group. Fourth, the results based on the robustness checks are consistent. Fifth, other factors, such as the wife’s education, and the hours of husband participation in child care or housework positively affect her happiness. The wife’s age, youngest child’s age, and living with parents negatively affects happiness.