This study examined how life satisfaction and grandparent caregiving intensity changed over time among rural Chinese older adults, and whether there was a leading predictor between grandparent caregiving intensity and life satisfaction. Using 4 waves of data from the Well-being of Elderly in Anhui Province of China (N = 1704), we applied latent difference score analysis to explore this relationship. Results indicated that grandparent caregiving intensity decreased and life satisfaction increased over time. There was a lagged effect between grandparent caregiving intensity and life satisfaction, and life satisfaction demonstrated a leading prediction role between these 2 variables. This study confirmed the potentially rewarding aspect of grandparent caregiving, which may lead to greater life satisfaction. The results also revealed that psychological well-being among grandparents is very important for performing activities, such as caregiving.