The present study examined (1) whether employment anxiety mediates the relation between self-compassion and life satisfaction and (2) whether the mediating process is moderated by the level of self-esteem among South Korean college students (N = 214). Mediation analyses revealed that employment anxiety partially mediates the relation between self-compassion and life satisfaction, controlling for students' gender, school year, and current employment-seeking status. Moderated mediation analyses showed that the mediated relations of self-compassion to life satisfaction through employment anxiety were not conditional upon the level of students' self-esteem. Implications for practice and directions for future research are discussed.