The present study examined the role of calling in a social cognitive model of well-being using a sample of 328 South Korean teachers. The model incorporating calling into the social cognitive model of well-being demonstrated an excellent fit, and our variables accounted for significant variance in job satisfaction (47%) and life satisfaction (38%). Among the 12 direct paths of the proposed model, 10 hypothesized paths were significant. The direct paths from positive affect to calling, self-efficacy, job satisfaction, and life satisfaction; from calling to self-efficacy, outcome expectations, and life satisfaction; from self-efficacy to outcome expectations; from outcome expectations to job satisfaction; and from job satisfaction to life satisfaction were significant. Additionally, the mediating paths between positive affect and life satisfaction via calling, self-efficacy, outcome expectations, and job satisfaction were significant. The practical implications for enhancing teachers’ job and life satisfaction and future directions of research were discussed.