In the context of population aging, it is highly relevant to investigate factors that promote well-being and optimal functioning in later life. Character strengths might play an important role for positive aging, however research on their relationships with well-being in old age has been sparse. The aims of the study were (1) examining the relationship of character strengths with life satisfaction in older adults; and (2) investigating the contribution of character strengths to life satisfaction depending on sociodemographic characteristics (age, employment status, living arrangement, and marital status). This cross-sectional study comprised 15,598 older individuals (aged 46-93 years) who completed measures on character strengths, life satisfaction and sociodemographic characteristics. Findings revealed a positive association of most character strengths with age, being employed and living together. In general, the contribution of character strengths to life satisfaction diminishes slightly with advancing age, but increases for the character strengths of modesty and prudence. Many character strengths had a stronger relationship with life satisfaction in retirees than in employed adults and in individuals living alone than those living with a partner. To conclude, character strengths are an important resource for greater well-being in later life and might help older adults to adjust well.