It is well known that breast cancer carries many psychosocial consequences. For a deeper understanding of this topic, this study aims to analyze the relationship between life satisfaction, meaning in life, optimism, body image and depression in 55 women with breast cancer, organized into two groups: mastectomized and submitted to conservative surgery. The variables were characterized based on the results from the Auto-Actualização-SentidoVida [Self-Actualization-Life Meaning] sub-scale, the Escala de Otimismo [Optimism scale], the Body Image Scale, the Hospital Anxiety and Depression Scale and the Escala de Satisfação com a Vida [Life satisfaction scale]. Meaning in life and optimism were positively correlated with life satisfaction. Higher depression and body image disturbance appeared associated with lower life satisfaction. Body image disturbance was higher in mastectomized women. It was concluded that women submitted to conservative surgery do not have more life satisfaction than mastectomized women, requiring equal attention in terms of preventing depression and promoting positive variables.