The aim of this research was to examine levels of happiness among persons with and without physical disability, and to study prediction of happiness from satisfaction with various life aspects. A group of persons with physical disability (N = 397) and the control group of persons from the general population (N = 913) filled in the Fordyce instrument (Social Indicators Research, 20:355-381, 1988) to evaluate levels of happiness and the “International Well-being Index” to measure satisfaction with particular life aspects. Both groups expressed positive happiness level and satisfaction with the majority of life aspects. However, happiness level of persons with disability was significantly lower. Forty-eight percent of the variance in happiness among persons with disability and 30% of the variance in happiness among the control group can be assigned to various life satisfaction aspects. Satisfaction with health, relationships, and achievements contribute to happiness in both groups, while satisfaction with physical safety and acceptance by the community are significant happiness predictors only for persons with disability. Economic status is the only significant predictor for the control group.