The literature on life satisfaction dynamics during parenthood relies largely on data from Western countries. This paper tests if previously described empirical patterns and theoretical models are general by confronting them with estimates from Russia. We apply fixed effect regression for panel data to the Russia Longitudinal Monitoring Survey data covering the period 1994–2015. We estimate the long-term dynamics of life satisfaction during parenthood and we investigate the moderating effect of age at first birth, income, and education. The results show that in Russia parental life satisfaction increases during a first birth, but the increase is stronger at a second birth. The effect of parenthood on life satisfaction is positive in the long run. Moreover, younger age at first birth temporarily (but not in the long run) suppresses the long-term positive effect of parenthood on life satisfaction. These results provide little support to the set-point theory of happiness, but are consistent with selection to parenthood and with the demands and rewards approach.