This study aims to examine the influence of work-life balance, whose importance has been further emphasized alongside the recent trends of quality of life and well-being, on employees' job performance and innovative behavior. Recently, work-life balance has been treated as a paradigm for achieving high organizational performance and is regarded as an essential element for contemporary organizational members who value life outside of work (non-work life) as much as organizational life. Therefore, this study examines the positive influence of work-life balance on organizational effectiveness (employees' job performance and innovative behavior) while arguing that job satisfaction and life satisfaction play mediating roles in the process through which work-life balance influences job performance and innovative behavior. The proposition is that work-life balance can enhance organizational effectiveness by promoting qualitative satisfaction in both work and life. Going one step further, this study emphasizes that a positive reciprocal effect exists between job satisfaction and life satisfaction, which serve as mediators. The results confirmed that, as hypothesized, work-life balance exerted a statistically significant positive influence on job performance and innovative behavior, and this relationship was fully mediated by job satisfaction and life satisfaction. Furthermore, a positive reciprocity was found to exist between job satisfaction and life satisfaction, yielding the finding that satisfaction with life deserves as much attention within organizations as job satisfaction. This study provides an in-depth discussion of the practical and theoretical implications of these findings.