This study investigated the role of social self-efficacy and self-esteem in the relationship between social support and life satisfaction. Participants included 448 Chinese adults with an age range of 22.32 3.46 years who completed the Multi-Dimensional Scale of Perceived Social Support, the Scale of Perceived Social Self-Efficacy, the Rosenberg Self-Esteem Scale and the Satisfaction with Life Scale. The results are completely consistent with our research hypotheses. Structural equation modeling demonstrated that social self-efficacy and self-esteem can independently mediate the effect of social support on life satisfaction, consistent with the Self-Efficacy Theory and Social Comparison Theory. More importantly, the identified serial mediation model indicated that social support could influence life satisfaction through the chain mediating effect of “social self-efficacy-self-esteem” as the prediction of the Sociometer Theory. These findings contribute to a deeper understanding of the links between these factors and suggest that high social support may promote well-being from the cognitive and estimate perspectives.