Subjective well-being of the individual refers to the affective and cognitive assessment of his own life. At the affective level, subjective well-being is associated with experiencing positive emotions, while at cognitive level it includes a sense of satisfaction with life. Life satisfaction represents an assessment of the quality of life of an individual according to his own set of criteria. Numerous studies have found that an important role in assessing life satisfaction have self-esteem and personality traits of which are most frequently investigated extraversion and emotional stability as predictors of subjective well-being. The aim of this study was to investigate whether there is a correlation between five personality traits (extraversion, emotional stability, agreeableness, conscientiousness and intellect) and self-esteem with life satisfaction. Another goal of this study was to determine unique contribution of personality traits and self-esteem in explaining life satisfaction. The survey was conducted via internet. The sample consisted of 172 individuals (101 women and 71 men) 18 to 27 years of age. Their average age was 22. Scales that were used in this research are IPIP50, Rosenberg's self-esteem scale and Satisfaction with life scale. Significant low positive correlation between conscientiousness and emotional stability with life satisfaction was found. Another correlation, one between agreeableness and self-esteem with life satisfaction was found to be moderate. There was no associations of extraversion and intellect with life satisfaction. Also, the results of hierarchical regression analysis showed that personality traits and self-esteem gained independent contributions in explaining life satisfaction.