This paper uses the life satisfaction approach to value Australia’s protected areas, grouped by IUCN protected area management category. We find significant positive life satisfaction effects of living in close proximity to protected areas in three of the seven categories. These life satisfaction effects correspond to implicit willingness-to-pay levels, in terms of annual household income, of approximately $2,950 (IUCN category IB), $6,650 (IUCN category III) and $9,650 (IUCN category IV) for a one-per-cent increase in the extent of that protected area category within an individual’s local area.