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Using Married and Cohabiting Couples data, this study tests the correlates of relationship satisfaction among married and cohabiting couples using the Actor-Partner Interdependence Model (APIM). Data from 752 married and 323 cohabiting couples are analyzed using dyadic data analysis with structural equation modeling to determine the contributions of each respondent’s predictors (actor effects) and his/her spouse’s or partner’s predictors (partner effects). No gender differences in actor and partner effects emerge, yet the actor and partner effects remained distinct for both groups. Fairness in the division of paid and unpaid work at home and less conflict in balancing work and family responsibilities both act as rewards for both married and cohabiting couples. Prior relationship history did not have any significant actor effects but significant partner effects for both groups. Relationship duration is negatively correlated with relationship satisfaction for both male and female respondents among married and cohabiting couples. The presence of preschool children living in the household is negatively correlated with relationship satisfaction, but only among female respondents in both groups. Cohabiting with one’s spouse before marriage is modestly correlated with lower relationship satisfaction among only married women, whereas higher likelihood of marriage in the future is positively and significantly correlated with relationship satisfaction for both male and female cohabitors. Some of these results suggest that relationship dynamics differ between married and cohabiting couples. Specifically, the negative partner effects of both prior relationship history and conflict in work-family balance on relationship satisfaction are significantly stronger among cohabiting couples than married couples.