This study analyses 2,617 10–15 year olds in wave 1 of the United Kingdom Household Longitudinal Study (UKHLS), all of whom live with both their biological parents. First, it tests the associations between parents’ reports of relationship quality with their children and their own life satisfaction. Dyadic data analysis with structural equation modelling is used to determine the respective contributions of each respondent’s predictors: mothers’ (fathers’) reports of their own relationships with their children (actor effects), as well as the relationship quality reports from the respondent’s spouse (partner effects). Second, this study tests for gender differences in actor or partner effects, and finally tests whether these actor or partner effects are moderated by parents’ marital quality. Results suggest that both mothers’ and fathers’ reports of high-quality relationships with their children are associated with higher life satisfaction for both parents. There are gender differences in the actor effects: this positive association between relationship quality with children and life satisfaction is stronger among mothers. On the other hand, there were no gender differences in the partner effects. Finally, the results show that the association between relationship quality with children and life satisfaction is moderated by parents’ marital quality. The positive association is stronger among those who already have high marital quality, whereas the same association is significantly reduced for those who have poor marital quality. This moderating effect of marital quality is also found to be stronger among mothers.