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The present study deals with the question of discriminant validities of self-esteem and life satisfaction. The research had for aim to analyze the relationship of self-esteem and life satisfaction to factors of the five-factor model of personality and was carried out on a sample of 700 Czech adolescents. Both self-esteem and life satisfaction are connected with emotional stability, extraversion and conscientiousness. Agreeableness is related to life satisfaction, but not to self-esteem. The divergence between self-esteem and life satisfaction is also based on the difference between the closeness of their relations towards neuroticism - the correlation between self-esteem and neuroticism is significantly higher than that between life satisfaction and neuroticism.