Objectives: Previous research has documented that perceived stress is negatively associated with adolescent life satisfaction. However, the mediating mechanisms underlying this relation are largely unknown. The present study tested whether self-control and rumination mediate the link between perceived stress and adolescents' lower life satisfaction. Methods: A sample of 1196 senior high school students (ages 13–19, 54% boys) completed questionnaires regarding demographics, perceived stress, self-control, rumination and life satisfaction. Results: After controlling for gender, the results indicated that: (a) perceived stress was negatively associated with life satisfaction; (b) both self-control and rumination partially mediated the link between perceived stress and life satisfaction in a parallel pattern; and (c) self-control and rumination also sequentially mediated the relation between perceived stress and life satisfaction. Conclusions: The current study advances our understanding of how perceived stress might lead to poor life satisfaction. Furthermore, the multiple mediation analysis reveals that self-control and rumination can not only in parallel, but also sequentially mediate the relation between perceived stress and life satisfaction.