Background Community pharmacists have an important role in ensuring safe and effective use of medicines. However, poor job satisfaction and high stress levels may negatively affect job performance. Aim This study evaluated job satisfaction and job stress levels, and associated factors, among community pharmacists in Klang Valley, Malaysia. Methods A cross‐sectional survey was conducted to assess job satisfaction and stress among community pharmacists. A sample of 286 respondents was selected using stratified‐random clustered sampling. Levels of and factors affecting job satisfaction and stress, as reported by community pharmacists, were analysed. Results There was a moderate level of job satisfaction among pharmacists (mean (±SD) score 3.39 ± 0.42; range 1–5). Job characteristics that provided the highest satisfaction were work environment and interpersonal relationships with coworkers. Stress levels among pharmacists were below the scale mid‐point (mean (±SD) score 1.86 ± 0.44; range 1–4). Responsibility for patient care was perceived to contribute most to job stress. Ethnicity (p = 0.026) and average number of prescriptions filled daily (p = 0.016) significantly affected job satisfaction, whereas job stress was significantly affected by age (p < 0.001), years of experience (p = 0.003) and number of working hours/week (p = 0.003). Conclusions This study demonstrates the effects of various demographic and job‐related variables on community pharmacists’ job satisfaction and stress. Further research is required to gain a better understanding of factors affecting job satisfaction and stress among pharmacists across Malaysia, and their effects on professional practice and patient care.