In the context of research on children's life satisfaction, considering children as active participants are very scarce, the main purpose of the present study was to examine children's perspectives on their life satisfaction. The study used a convenient sample of 228 students from primary and secondary schools, living in urban and suburban areas in Vietnam. The subjects’ average age is 9.51 (SD = 1.56). Data were collected using a single open-ended question. The data analysis was performed by thematic analysis then processed with SPSS 22.0 for quantitative assessment. The results of data analysis indicate the following criteria to consider a child as being satisfied with life: (1) Quality of social relationship; (2) Quality of family relationship; (3) Being engaged in interesting and fun leisure and activities; (4) Achieving desired goals; (5) Living environment; and (6) Some other external factors. Among these qualities, the most important relationships in their lives (including social and family relations) were chosen with the highest frequency, followed by their engagement in meaningful and fun activities, and pursuit of their desired goals. This study provided a better insight into understanding how children perceive life satisfaction and what meanings they attach to it. The research results might be explained from a socio-cultural perspective and provide a scientific basis for large-scale studies on this topic in Vietnam.