<p>Subjective well-being refers to cognitive (life satisfaction) and affective (positive and negative emotions) assessments of a person with respect to his or her life. Children and adolescents live in constant interaction with their contexts, affecting and being affected by them, playing an active role in their well-being. The aim of the research was to determine the influence of family, school and neighbourhood dimensions on the life satisfaction of Chilean children and adolescents. The sample was of 1392 students between 10 and 13 years old, attending educational centres in the Metropolitan Region, Valparaiso and Bio-Bio who participated in the International Survey on Children's Well-Being (ISCWeB) in Chile. The results showed that a structural equation model configured with five dimensions referring to the family, the school and the neighbourhood jointly contributed to explain 41% of the variance in student life satisfaction. An unexpected finding was that school satisfaction did not significantly influence the model. The implications of the research are that this model can function as a diagnostic for proposing subjective well-being interventions based on the surrounding contexts for students.</p>