Previous studies have revealed significant associations between human values and subjective well-being. Using a cross-lagged longitudinal design, the current study attempted to investigate the directionality of the relationships of values prevailing in universities (values of openness to change and self-enhancement) and those prevailing in Chinese culture (values of conservation and self-transcendence) with university life satisfaction among a sample of Hong Kong Chinese university students (59 males and 183 females). Contrary to predictions, the results show that values of openness to change (self-direction, stimulation, and hedonism) and self-enhancement (achievement and power) at Time 1 did not significantly predict higher university life satisfaction at Time 2, and Time 1 university life satisfaction did not significantly predict higher levels of these values at Time 2. As predicted, it was found that conformity (a conservation value) and benevolence (a self-transcendence value) at Time 1 significantly predicted higher Time 2 university life satisfaction. Unexpectedly, Time 1 university life satisfaction significantly predicted lower Time 2 power (a self-enhancement value). The results are discussed in terms of the characteristics of Chinese culture.