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Happiness and life satisfaction are the two terms which are most important for the well- being of a person. When people list the key characteristics of a good life, they are likely to include happiness and satisfaction from life. Therefore, the question what makes us happy and satisfied with our life might seem like a deeply individual inquiry. Happiness is a mental or emotional state of well-being characterized by positive or pleasant emotions ranging from contentment to intense joy. On the other hand, Life satisfaction is the way a person evaluates his or her life and how he or she feels about where it is going in the future. The present study tries to explore the relationship between Subjective Happiness and Life Satisfaction and the difference between Subjective happiness and the Life Satisfaction between the genders. For this purpose a sample of 60 students were taken and Subjective Happiness scale and Life Satisfaction scale were administered on them. Subjective Happiness scale was developed by Sonja Lyubomirsky (1997) and Life Satisfaction scale was developed by ED Diener (1984). The results showed that there is a significant correlation between subjective happiness and life satisfaction and among the students; male students were high on both the scales i.e. in subjective happiness and life satisfaction scale.