By the age of retirement people have experienced success and failure in different phases of their life. In this age after retirement when they have almost completed all their tasks of their life, they look back to their entire past life and from those some have the feeling of success and happiness, whereas some might have the feeling of bitter experiences and sad memories. All these feelings, experiences and memories play a very important role in their satisfaction towards life which has a big influence in their level of self-esteem. This study was an attempt to examine the levels and relationship between self-esteem and life-satisfaction of retired persons residing in Mumbai city of Maharashtra. Participants were 50 retired men, who were given to complete the Rosenberg Self-esteem Scale (RESS); and Satisfaction with Life Scale (SWLS) for finding out their levels on the variables. In order to find out the relation between the two variables Pearson correlation method was implemented. From the collected data it was found that among the representative sample 56% of the sample population has high self-esteem. And 12%% of the sample population among the representative sample has very high self-esteem. The researcher found that the correlation (r) value is 0. 0037 and the p value is (p)> 0.05The results show negligible correlation between level of life satisfaction and self-esteem among retired persons of Mumbai, Maharashtra.