This study examined the impact of leisure type on leisure satisfaction, along with its subsequent effects on adolescents’ psychological wellbeing, using a longitudinal sample of 3,449 Korean adolescents at two time points (2003 and 2004). The results indicated that the type of leisure activity (measured in 10th grade) had differential effects on students’ long-term psychological wellbeing (measured in 11th grade) according to sex. Specifically, for male students, only active leisure (i.e., sports activities) had a positive effect on leisure satisfaction. By contrast, for female students, although active leisure activities exerted positive effects on leisure satisfaction, passive leisure (i.e., sedentary activities) and social leisure (i.e., spending time with friends) had a negative impact on students’ leisure satisfaction. For both male and female students, leisure satisfaction had longitudinal effects on their psychological wellbeing, with increasing life satisfaction and decreasing stress.