Based on a sample of 611 employed parents in Israel, the study aimed to examine how occupying multiple roles on the one hand and satisfying roles on other hand are related to a sense of meaning in life (MIL). In addition, the contribution of two types of role conflict—interference of work with family (WIF) and interference of family with work (FIW) —to explaining MIL was examined. The findings revealed that the number of roles as well as the proportion of satisfying roles was directly related to a sense of MIL. Moreover, the number of roles and the proportion of satisfying roles occupied by the participants were indirectly related to their sense of MIL: The relation between the number of roles and sense of MIL was mediated by FIW conflict, whereas the relation between the proportion of satisfying roles and the sense of MIL was mediated by both types of role conflict (FIW and WIF). Men showed a greater tendency than women to experience WIF conflict, whereas no gender differences were found with regard to FIW conflict. Long hours of work outside of the home were positively related to WIF conflict and negatively related to FIW conflict.