The purpose of this study was to answer the question, “to what extent do the school and school principal variables predict the principal job satisfaction?”. Using the TALIS (Teaching and Learning International Survey) data deriving from OECD, 902 school principals at the schools where 15-year-olds students were enrolled, multiple regression analysis was performed to predict the job satisfaction by the other independent variables related to school context and school principal background. The independent variables deriving from the OECD database in the regression analysis were lack of pedagogical personnel/index, lack of material resources/index, school delinquency and violence, school climate-mutual respect, age, gender, year(s) working as a principal at this school, year(s) working as a principal in total, year(s) working in other school management roles, year(s) working as a teacher in total, year(s) working in other jobs, professional development duration, instructional leadership, teacher - pedagogical support personnel ratio, teacher - administrative or management personnel ratio, student - teacher ratio. The results revealed that the job satisfaction was moderately correlated with the independent variables. The strongest association existed between the principal job satisfaction and school climate-mutual respect which were positively and lowly associated. The school and school principal variables accounted for approximately 14% of the variance of job satisfaction of school principals.