Objective: In order to explore the multiple chain mediating effects of positive affect and self-esteem between nostalgia and life satisfaction in college students. Methods: 477 college students were investigated with Southampton Nostalgia Scale, Positive Affect Scale, Rosenberg Self-esteem Scale, Life Satisfaction Scale. Results: ① Nostalgia was significantly and positively correlated with positive emotion (r = 0.12, p < 0.01) and life satisfaction (r = 0.13, p < 0.01), also, significant positive correlations exists among other key variables. ② Structural equation models showed that, nostalgia could exert effects on life satisfaction (β = 0.14, P < 0.05), and also indirectly through the independent mediating effect of positive affect, the chain mediating effect of positive affect and self-esteem (β = 0.10, P < 0.05). Conclusion: Nostalgia could affect life satisfaction, not only through direct path, but also through the indirect path of multiple mediating effects of positive affect and self-esteem.