Schizotypal traits have been found to be negatively associated with satisfaction with life but the underlying mechanisms are not well understood. This study investigated the association between schizotypal traits and satisfaction with life and explored the mediating role of trait anxiety and mind wandering in the relationship between those two variables in a sample of Chinese young adults. One hundred and two individuals with high schizotypal traits and 104 individuals with low schizotypal traits were screened using the Schizotypal Personality Questionnaire. They completed a series of questionnaires including the Satisfaction with Life Scale, Trait Anxiety Inventory, and Mind Wandering Questionnaire. Results showed that: First, the high schizotypal trait group showed lower satisfaction with life, and higher trait anxiety and mind wandering frequency than the low schizotypal trait group. Second, the high schizotypal trait group, trait anxiety, and mind wandering negatively predicted satisfaction with life. Third, mediation analyses showed that all indirect effect paths in the mediation model were significant, that is, trait anxiety and mind wandering alone and together mediated the relationship between schizotypal trait group and satisfaction with life. In conclusion, high schizotypal trait is a risk factor for low satisfaction with life. The association between schizotypal traits and satisfaction with life was mediated by the combination of trait anxiety and mind wandering. This study has implications for improving life satisfaction in individuals with high schizotypal traits.