Study satisfaction is regarded as a significant indicator of study success. Based on the off er-and-use model (Helmke, 2012), the present study aimed at predicting study satisfaction of students in teacher education by individual factors and perceived factors of the study environment. According to Westermann et al. (1996), three facets of study satisfaction were distinguished: satisfaction with the study content, satisfaction with the study conditions, and satisfaction with coping of study-related stress. The study was conducted at four universities and two colleges of teacher training in Germany. Participants were 792 student teachers (mean semester: 3.51). Path analysis showed that factors of the perceived study environment (instructional quality and positive relationships with fellow students), students' personality (in particular neuroticism; to a lower extent also conscientiousness) as well as individual factors concerning the use of study off er (mastery goal orientation, academic self-concept, and the subjective experience of study success) substantially explained study satisfaction. The explained variance was highest for students' satisfaction with the study content. Furthermore, the three-dimensionality of study satisfaction was confirmed.