The role of soft skills at school is still debated, but they have emerged as important factors for students' academic achievement and life satisfaction. This study focuses on the combined influence of soft skills (in terms of adaptability, curiosity, leadership, initiative, perseverance, and social awareness), extracurricular activities, achievement emotions, self-regulated learning, motivation, and cognitive abilities on academic achievement and life satisfaction. A sample of 603 students (5th to 12th graders) participated in the study. The results of a Bayesian path analysis based on meta-analytical priors show that soft skills were (i) directly positively associated with students' achievement emotions, self-regulated learning, motivation, and life satisfaction and (ii) indirectly related with academic achievement through the mediation of self-regulated learning and motivation. On the other hand, only soft skills and achievement emotions were directly related to life satisfaction. Extracurricular activities showed a positive association with both soft skills and cognitive abilities. These results are the first to demonstrate the importance of soft skills and extracurricular activities when integrating all the above-mentioned factors in a model of students' academic achievement and life satisfaction.