Purpose: Supervision is an essential part of social work education. Accordingly, supervision satisfaction plays an important role in the development of the students’ professional identity. However, the factors contributing to supervision satisfaction among social work students have rarely been examined. This study examined the contribution of supervision components, peer support, secondary traumatization, and vicarious post-traumatic growth (VPTG) to supervision satisfaction. Method: Self-report questionnaires were distributed to 259 undergraduate social work students. Correlation and hierarchical linear regression analyses were performed. Results: Higher supervision satisfaction was predicted by the educational and supportive components of supervision, peer support, and VPTG, whereas the administrative component of supervision satisfaction and secondary traumatization predicted lower supervision satisfaction. Discussion: The findings highlight the negative ramifications of secondary traumatization and the positive contribution that supportive and educational supervision, peer support, and VPTG can have on social work students’ supervision satisfaction. Practical implications for practice and policy are discussed.