Research has shown that social participation is related to life satisfaction. However, there is no study that simultaneously examines the mediating role of social networks and loneliness in this association. This study uses data from the Well-being of Older Adults in Anhui Province (2021, n = 1534). Parallel mediation analysis was employed to examine whether social networks and loneliness mediate the relationship between social participation and life satisfaction. Social participation had a positive effect on life satisfaction among rural older adults (β = 0.155, p < .001). Parallel mediation analysis showed that both social networks and loneliness independently mediated the relationship between social participation and life satisfaction (β = 0.011, 95%CI = [0.002, 0.022]; β = 0.032, 95%CI = [0.002, 0.060]), with the proportions of the total effect mediated being 5.56% and 16.16%, respectively. Diversified channels for social participation should be recommended to enhance the engagement of rural older adults, expand their social networks, and alleviate loneliness, ultimately improving their quality of life.