Researchers have found an association between school violence, as a victim or as a perpetrator, and levels of life satisfaction among youth. In particular, adolescents that engage in school violence report lower levels of life satisfaction, compared to those not involved. Moreover, school climate and school satisfaction can contribute to explaining school violence and life satisfaction. Yet, few researchers have examined underlying mechanisms between school violence and life satisfaction, by considering school satisfaction as a mediating factor. Thus, we examined a sample of 802 seventh graders, with an average age of 12.6 years, from three different cities in Chile. Structural equation modeling results provide evidence for a negative association between school climate and involvement with school violence, as expected. Being a victim of school violence has an indirect effect on life satisfaction through school satisfaction. Being a perpetrator, however, has no indirect effect on life satisfaction. The results highlight the importance of school satisfaction and school climate to understand their relationships with school violence and life satisfaction. The results suggest that prevention initiatives that consider school context may be a useful strategy for ameliorating negative consequences of school violence among youth.