Empirical evidence supports the hypothesis of a reciprocal influence between well-being (WB) and volunteering. However, these results are not conclusive in terms of whether volunteers feel better as a result of volunteering or whether those who feel good are more likely to engage in volunteering. This study aims to investigate: 1) whether and to what extent volunteers perceive that their satisfaction with life (SWL), measured by means of the Satisfaction With Life Scale, and WB (according to the Questionnaire for Eudaimonic Well-Being) have changed as a result of their involvement in voluntary service; 2) whether satisfaction with volunteering is associated with high levels of WB and SWL. I also assessed autonomous and controlled motivation (according to the Volunteer Motivation Scale) and the individual’s degree of engagement in voluntary service (adapted version of the UWES-9). The 187 Italian volunteers who participated in the study perceived that their WB and SWL improved after beginning voluntary work. Their levels of eudaimonic WB and SWL were compared to those of the general population (N=1205) and the results showed that the volunteers have significantly higher values, even though no differences emerged relating to length of service. However, the regression analyses carried out showed that the degree of engagement in voluntary activities account for 33% of the variance in eudemonic WB and that the degree of engagement is linked to the type of motivation (i.e. identified motivation). SWL seems to be only peripherally affected by motivation and satisfaction with voluntary work.