The aim of this paper was to establish the total and individual contributions of personality traits of the adolescents (Big five personality traits) and family context variables (perception of parental behaviour of mothers and fathers, and perception of family adaptability and cohesion) in explaining the variance of satisfaction with life in adolescents. The research sample consisted of 425 participants (200 female and 225 male). The average age of participants was M= 18 (SD=0.72). The data were collected using group work method and the following instruments were applied: Children's Report of Parental Behavior Inventory, Family Adaptability and Cohesion Evaluation Scale, Big Five Personality Factors Self-Report Scale and Global Satisfaction with Life Scale. The results of hierarchical regression analyses indicate that the described set of predictor variables accounts for 53% of total variance of satisfaction with life in girls and 49% of total variance of satisfaction with life in boys. It was found that variables of family context and adolescents' personality traits contribute significantly in explaining the variance of satisfaction with life for both girls and boys. Analyses conducted separately for the subsample of girls and boys have provided a better insight into results and showed that patterns of these relations are somewhat different for girls and boys, namely, that predictors of satisfaction with life are not the same for these two groups. The results of this study clearly indicate the importance of personality traits of adolescents, as well as perception of positive interactions with parents as important protective factors, which effect the satisfaction with life in adolescents of both genders.