Research has demonstrated that hope is linked to better psychological well-being; however, little research has been conducted to examine the mechanisms underlying the link between hope and psychological well-being. The current study examined whether two types of self-esteem (personal and relational) would mediate the relationship between four loci-of-hope (internal, family, peers, and spiritual) and life satisfaction among Hong Kong and Macau college students (n= 1008). Structural equation modelling was used to test the hypotheses. Consistent with the hypotheses, both personal self-esteem and relational self-esteem partially mediated the effects of internal hope on life satisfaction. Moreover, relational self-esteem mediated the effect of external-family locus-of-hope on life satisfaction. Interestingly, a suppressing effect of personal self-esteem on the relationship between external-peers locus-of-hope and life satisfaction was found. Implications and directions for future research are discussed.