Life satisfaction is directly related to positive mental and physical health outcomes. As such, the promotion of life satisfaction is desirable. To facilitate this process, it is beneficial to identify significant predictors of life satisfaction. Although previous research has established that personality is a reliable predictor of life satisfaction, personality is not easily modifiable. In contrast, perfectionism can be effectively adapted with appropriate therapy, leading to decreases in mental illness symptomology. The present study sought to determine if different aspects of perfectionism predicted life satisfaction beyond the influence of personality. A total of 448 online participants (75% female) completed questionnaires assessing life satisfaction, perfectionism, and personality. Results of a hierarchical multiple regression analysis revealed that lower scores on neuroticism (being emotionally stable; p < 0.001) and higher scores on extraversion (p < 0.001) and conscientiousness (p = 0.003) significantly predicted life satisfaction. In addition, one aspect of perfectionism, high standards for others (p = 0.001), positively predicted life satisfaction beyond the influence of personality. We suggest that encouraging individuals to hold others to high standards is an effective strategy that may foster shared goals and achievements, which in turn may improve overall life satisfaction.