Comprehending the factors that contribute to the well-being of students holds great importance within educational settings. This study aims to investigate the interplay between subjective socioeconomic status (SES), teacher-student relationship (TSR), and life satisfaction among high school students, particularly focusing on the psychological impact of perceived socioeconomic status. A total of 806 high school students (468 females, M[subscript age]= 16.82, SD = 1.54) from Northern Italy took part in this study. The collection of data involved the use of questionnaires, following the acquisition of consent from both school principals and participants. Measures included the MacArthur Scale of Subjective Social Status-Youth Version for SES and the Student Perception of Affective Relationship with Teacher Scale for TSR. Path analysis results revealed that positive TSR enhances life satisfaction, while conflict and negative expectations undermine it. These factors mediate the relationship between subjective SES and life satisfaction. Based on these findings, it is proposed to improve TSR to reduce the impact of SES. It is important to advocate for methods that promote building close relationships between teachers and students to improve student well-being and ensure equal educational outcomes.