The present study tested with 142 families a structural model of the interplay of perceived dyadic and collective forms of efficacy within the interdependent family system, and how these different forms of efficacy are structurally related to quality of family functioning and satisfaction with family life. Dyadic parent–child efficacy, dyadic spousal efficacy, and filial efficacy were linked to family satisfaction through the mediating impact of collective family efficacy. A high sense of collective family efficacy was accompanied by open family communication and candid disclosure by adolescents of their activities outside the home. Collective family efficacy contributed to parents' and adolescents' satisfaction with their family life both directly and through its impact on quality of family functioning. An alternative structural model in which quality of family functioning affects the different forms of perceived family efficacy and family satisfaction provided a poorer fit to the data.