The rising age of retirement may result in a larger number of workers with health problems. This is important since health is a key element in all aspects of life, including work. Although much research has been carried out into how work-life balance influences occupational health, very few studies have focused on how the ability to balance health needs and work demands (work-health balance) affects different organizational variables such as perceived work ability and affective job satisfaction. In a context in that the age of retirement is constantly rising, it is vital to explore those factors may help extend people’s working life in a balanced manner. The aim of this study was, therefore, to explore the mediating role of work-health balance in the relationship between perceived work ability (physical and mental) and affective job satisfaction. Using a cross-sectional sample of 294 workers aged 39 years and over, the study analysed the mediating role of the different dimensions of work-health balance (health climate, work-health incompatibility and external support) in the relationship between work ability (physical and mental) and affective job satisfaction. The data suggest that the health climate and work-health incompatibility dimensions mediate the relationship between work ability (physical and mental) and affective job satisfaction. Our findings are consistent with the current understanding of the role played by the balance between occupational health and the well-being of older workers.