Life satisfaction is an important component of psychological health and wellbeing. Although personality is consistently linked to life satisfaction, its ‘innate’ and stable nature can make it a difficult target for intervention by practitioners. More malleable and context-specific factors such as multidimensional self-concept may prove to be better targets for such intervention. However, the extent to which multidimensional self-concept predicts life satisfaction over and above personality is unclear. The present study, then, examines the extent to which these two factors predict life satisfaction with a view to ascertaining their relative salience for subsequent research and practice. Among a sample of 523 (predominantly young) adult students from two universities/colleges in Sydney, structural equation modelling using LISREL examined a process model of personality, multidimensional self-concept, and life satisfaction. Results suggest a strong direct role for the personality traits of extraversion, neuroticism, and conscientiousness but also an important mediating role for parent, same-sex peer, physical ability, and appearance self-concepts. Implications for research and practice are discussed.