A healthful diet and sufficient physical activity (PA) are related to several health outcomes. However, there is a paucity of data on the association of PA and dietary pattern with life satisfaction (LS) in the older adults aged ≥65. The present study investigated the independent and combined association of PA and Baltic Sea diet (BSD) score with LS in older Finnish women. Subjects were 554 women aged 65–72 years from the Osteoporosis Risk Factor and Prevention – Fracture Prevention Study. Women reported the hours and type of PA and lifestyle factors via questionnaires and dietary intake using the 3-d food record. Adequate PA was considered according to WHO recommendation: PA = 0, 0 < PA < 2·5 and ≥2·5 h/week. BSD score was categorised as <13 or ≥13 based on the median score. LS was self-reported using LS scale with four items on current ‘interest’, ‘happiness in life’, ‘ease of living’ and ‘feelings of loneliness’ (range: 4–20, lower score representing higher satisfaction). After adjusting for the confounders, PA was statistically significantly associated with lower LS score (β coefficient = −0·207, P = 0·001), where women with PA ≥ 2·5 h/week had the lowest LS score followed by women with 0 < PA < 2·5 and PA = 0 (Pfor trend = 0·020). Association between BSD and LS was NS. Only among women with BSD score ≥ 13, but not BSD < 13, PA ≥ 2·5 h/week was statistically significantly associated with lower LS score (mean = 9·3), followed by 0 < PA < 2·5 (mean = 9·9) and PA = 0 groups (mean = 11·8) (Pfor trend = 0·033). In conclusion, adequate PA according to WHO recommendation independently and in combination with higher BSD score may be associated with higher LS in older women.