The construct of teachers' pay satisfaction is important to the systemic appraisal of teachers' compensation. The study aims to probe the components of teachers' pay satisfaction and verify this construct in primary and secondary schools in China. In-depth interviews with 24 teachers were conducted to propose a construct model for teachers' pay satisfaction. A survey of 1,218 teachers was conducted to verify the teachers' pay satisfaction construct, including its reliability and validity, with subjects recruited from 45 primary and secondary schools in 6 cities and counties. Another survey of 364 teachers sampled from 6 provinces was used to compare the proposed two-order model with Heneman's four-dimensional model. Teachers' pay satisfaction comprises pay results satisfaction and pay management process satisfaction. The former includes pay level and increase, promotion and training. The latter includes teachers' engagement, openness and transparency of pay distribution, as well as the reasonableness of distribution rules. Teachers assign greater importance to relative pay than do workers in other occupations. Chinese teachers attach great importance to pay management process satisfaction.