The purpose of this study was to investigate the moderating effects of school factors (perception of school life and school life satisfaction) on the relationship between adolescents’ self-esteem, family economic status, and happiness. This study used descriptive statistics, correlation, Hayes’ SPSS macro Model 1 analysis were used. This study used the National Youth Policy Institute’s ‘A Study on the Human Rights of Children and Adolescents’ in 2019 (middle and high school). The number of middle school participants was 2,898, and the number of high school participants was 3,354. The results obtained from the analyses were as follows. First, happiness showed a statistically significant correlation with all variables in the data of middle and high school students. Self-esteem, perception of school-life, and school-life satisfaction showed high correlations with happiness in both middle school and high school students. Second, self-esteem and economic status had a statistically significant effect on happiness in both middle school and high school students. Similar to the correlation analysis results, self-esteem was more influential on happiness than economic status. Third, the school factors moderated the relationship between adolescents’ self-esteem and happiness only when the perception of school life in middle school is in the model. Unlike the relationship between self-esteem and happiness, in all analyses of middle school and high school, school factors moderated the relationship between economic status and happiness. However, since the moderating effect of perception of school life and satisfaction with school life confirmed in this study is small, it is necessary to re-verify through various studies in the future. Finally, there was a discussion of the significance and limitations of the results of this study.