This study uses a developmental perspective to examine correlates of subjective well-being and life satisfaction among 10-year-old and 12-year-old students (N = 1,959) from the Tyumen region in West Siberia, Russia. Overall, children’s satisfaction with life as a whole was positively associated with perceptions of family life across both age groups. As hypothesized, developmental differences were observed in the way children’s reports of satisfaction with family, school and peers correlated with their reports of well-being. Among younger participants, subjective well-being was associated most strongly with satisfaction with school life, while for older participants, the strongest correlation was with satisfaction with family life. Results further revealed distinct, theoretically meaningful groups of children based on perceived satisfaction with life across three domains–family, school and friendships. These patterns differed between the two age groups. Among younger participants, two groups were identified: (a) Generally Happy (n = 609, 62.3%) and (b) Somewhat Unhappy (n = 368, 37.7%). Classification among older participants was more nuanced, resulting in four clusters that varied in the degree of satisfaction across life domains: (a) Generally Happy (n = 389, 39.6%), (b) Unhappy at School (n = 252, 25.7%), (c) Mostly Unhappy (n = 206, 21%), and (d) Happy with Friends (n = 135, 13.7%). Surprisingly, the clusters did not differ consistently on the measures of subjective well-being. Implications for educators as well as families with young children are discussed.