The purpose of this study is to verify the impact of participation in economic activities of mentally disabled people on their own self-effectiveness and satisfaction in life and to analyze whether the effect of the self-effectiveness mediating between participation in economic activities and satisfaction in life depends on the level of discrimination experience. For this purpose, a controlled effect analysis, a mediated effect analysis, and a combined Moderated mediating effect analysis were conducted. The analysis targets 562 people with mental disabilities out of the second wave of employment panel survey (2018). According to major research results, the self-efficacy of the mentally disabled has the effect of partially mediating the impact of participation in economic activities on life satisfaction. Second, the experience of discrimination showed the effect of controlling the static relationship between participation in economic activities and self-efficacy. Third, the experience of discrimination against the mentally handicapped showed a mediated effect on the impact of participation in economic activities on the satisfaction of life through self-efficacy. Based on these findings, it was confirmed that discrimination experience should be dealt with importantly in enhancing the self-efficacy and life satisfaction of the mentally disabled, and practical measures were sought to enhance the mental health of the mentally disabled.