The purpose of this study is to examine the moderating effect of leisure activity satisfaction on the relationship between family relation satisfaction and subjective well-being among Korean older adults. For this purpose, the research objects and variables were selected from the 12th year data of the Korea Welfare Panel. The objects of this study were selected only for those who were aged 65 and over, with 3,145 women and 1,972 men, totaling 5,117. The results of the analysis are as follows. Leisure activity satisfaction was found to have a moderating effect on the relationship between family relation satisfaction and subjective well-being. This result indicates that the effect of family relation satisfaction on subjective well-being among aged 65 and over depends on leisure activity satisfaction. Specifically, the effect of family relation satisfaction on subjective well-being is low in case of low leisure activity satisfaction (- SD) even if family relation satisfaction is high. On the contrary, the effect of family relation satisfaction on subjective well-being is large in case of high leisure activity satisfaction (+ SD). The research shows that the relationship between family relation satisfaction and subjective well-being depends on leisure activity satisfaction. Based on these results, the implications and limitations of this study are suggested.