Previous research suggests that youth's life satisfaction may be influenced by health and certain socioeconomic/sociocultural factors, which may be important in a post-socialist country like Hungary. We investigated the relationship between youth's life satisfaction, materialism and their psychosocial health in a sample of secondary school students (N = 1114) in Hungary. Findings show that youth's psychosocial health may play an important role in their levels of life satisfaction, particularly depressive and psychosomatic symptoms and health behaviors (e.g. diet control and smoking). SES self-assessment and materialistic success were positively, while materialistic happiness was negatively related to youth's life satisfaction.