There are several intrinsic and extrinsic factors that affect the level of job satisfaction of school teachers. This study aimed to comparatively identify intrinsic and extrinsic factors of job satisfaction among public and private primary school teachers in Multan, Punjab, Pakistan. This cross-sectional study was conducted using the quantitative method, in which all public and private primary school teachers in Multan made up the total population of the study. Out of the total population size of 6330, a sample of 400 teachers was drawn through proportionate sampling techniques. A representative proportion of the sample was taken in accordance with the size of the population of each stratum, i.e., public and private, male and female. With respect to the category of school, 144 respondents were taken from private schools, and the rest (256) from public primary schools. Out of 400 respondents, 205 were female and 195 were male. Primary data was collected using a self-developed questionnaire that was built on a 5-point Likert scale with a total of 12 scales with 64 items. The overall study hypothesized that intrinsic factors such as respect, recognition, job quality, and personal growth (M = 3.04, SD = 1.0541) and extrinsic factors such as pay, promotion, management, coworkers’ behavior, training, and job security (M = 3.03, SD = 1.0437) were equally influential on teachers’ job satisfaction. Moreover, there was a significant difference in the level of job satisfaction between public and private school teachers (p = .001 < .05), indicating that private teachers were less satisfied with their jobs compared to public teachers.