Purpose. The paper presents a theoretical analysis of approaches to work-life balance research and findings of an empirical study of this construct in a sample of employees of a Russian production enterprise (N = 1205) situated in six regions of the country. Methodology. The survey relied on two approaches to work-life balance operationalization, a direct subjective evaluation of work-life relationships and an evaluation of importance, effort invested, and satisfaction across six life spheres (work, family, hobbies, socialization, health, and education). The dependent variables included life satisfaction, work engagement, emotional burnout, and workaholism. Using confirmatory factor analysis, we developed 11 short scales reflecting different types of work-life relationship (balance, conflict, negative spillover, positive spillover, compensation, independence). The scales were sufficiently reliable for research purposes. Predictable weak to moderate associations with dependent variables indicated convergent validity of the new subjective work-life balance scales. Work-life balance was more positively evaluated by females, older respondents, those with higher education and position, and higher family income. Using hierarchical regression analysis, we found a number of gender differences in the associations of subjective balance and other dependent variables with the distribution of priorities and efforts across the six life spheres, revealing different approaches to positive work-life balance in working males and females. A balanced distribution of priorities and efforts was an essential predictor of well-being in working males. Working females reported higher well-being when they viewed work as a life priority, but invested efforts in family and their own health.