The purpose of this study is to investigate if self-esteem mediates the effects of conflict with parents, peer relationship and school adaptation in relation to the satisfaction with life of adolescents in multicultural families. The subjects of the present study are 152 adolescents of multicultural families ranging from 12-16 years of age from the cities of Seoul, and Daegu, and the provinces of Gyeong-gi, and Gyeong-buk, South Korea. The measured constructs are Conflict with Parents, Friendship, School Adaption, Self- Esteem and Satisfaction with Life Scale. The dates were analyzed using path analysis. The major results of this study demonstrate that self-esteem does not mediate the effects of conflict with parents and peer relationship in relation to the satisfaction with life of adolescents in multicultural families. However, self-esteem does mediate the effects of school adaptation in relation to the satisfaction with life of adolescents in multicultural families.