IntroductionResearch shows that variables, such as depression, less functionality and health, less contact with family and others, may have a negative impact on life satisfaction.ObjectivesTo verify which variables correlate with satisfaction with life (SWL) and analyse which of them predict the evolution of SWL.AimsTo examine correlates and predictors of SWL in institutionalized elderly.MethodsThis study involved a subsidiary longitudinal analysis of cross-sectional data gathered at Phase I (2010–2012; n = 493 elderly) and after 36 months at Phase II (2013–2014; n = 85) of Aging Trajectories Project from Miguel Torga University College.ResultsAt Phase I, higher scores in SWL scale correlated with having visits (r = 0.17; P < 0.01), specially from family (r = 0.20; P < 0.01), less depressive (r = –0.42; P < 0.001) and anxiety symptoms (r = –0.25; P < 0.001), less loneliness feelings (r = –0.37; P < 0.001), less functionality (r = 0.15; P < 0.01), and better general physical health (r = 0.25; P < 0.001). Age, sex, civil status, cognitive, and executive status did not correlate with SWL. SWL, depressive and anxiety symptoms, and loneliness feelings were stable through time, between assessment stages (P < 0.01). The worsening of depression and loneliness through time predicted the negative evolution of SWL (respectively, β = 1.16; P < 0.01; β = –0.69; P < 0.05).ConclusionsThese findings highlight the relevance of early detecting depressed mood and loneliness feelings in institutionalized elderly, and the importance of the treatment and the development of preventive interventions for this vulnerable population.Disclosure of interestThe authors have not supplied their declaration of competing interest.