The aim of this study is to: (1) examine the psychometric properties of the Spanish version of the Satisfaction with Life scale (SWLS) on a representative sample of the Chilean population (N = 1,500); (2) test the factorial invariance of the SWLS across gender and employment status (henceforth status); and (3) provide normative data of the SWLS for Chile. Results suggest that the Spanish version of the SWLS is a valid and reliable instrument for measuring global life satisfaction in Chile and for comparison across gender and status. Confirmatory factor analysis shows support, across all groups, for a modified single-factor structure of the SWLS that allows error terms of items 1 and 2 to correlate (GFI > .98; RMSEA < .08). Cronbach’s alpha coefficient ranges between .68 and .84 for different groups, with an average value of .80 for the total sample. The SWLS scores converge with an alternative single-item measure of life satisfaction (r = .63, p < .001) and with measures of conceptually related constructs. The factorial structure of the scale is invariant with respect to gender and status (CFI > .99; RMSEA < .06). Metric invariance holds for gender (ΔCFI = 0; RMSEA = .051) and status (Δχ2 = 23.93, nonsignificant; ∆CFI = 0; RMSEA = .045). Scalar invariance holds for gender and some status combinations; partial scalar invariance holds for the rest. Mean levels of life satisfaction can be compared across gender and status, albeit cautiously for status combinations for which scalar invariance does not hold.