Life satisfaction has been identified as a cognitive indicator of subjective well-being as well as self-image, and these become fundamental factors in the development of young people during adolescence. Therefore, the aim of this study is to explore the possible associations between life satisfaction and self-perceived physical fitness in adolescents from a region of southeastern Spain. In addition, the aim is to evaluate the influence in these associations of gender and urban or rural living environment. For this purpose, a cross-sectional study was carried out with 688 secondary school students (12 to 16 years old) in which the “Satisfaction with Life Scale” and the “Visual Analogical Scale of Physical Fitness Perception for Adolescents” were applied. The associations of the scales were analyzed through Spearman’s Rho test and the consistency of the scales through Cronbach’s Alpha. In addition, a linear regression analysis was carried out to evaluate the contributions of the different dimensions of physical fitness to the life satisfaction of the students. Medium, positive and significant correlations were found between the dimensions of physical fitness and life satisfaction. Similarly, the regression model showed that general physical fitness and endurance explained 20% of the variance in life satisfaction. Therefore, educational interventions and policies must take this information into account when designing and developing actions aimed at improving these cognitive factors.