Abstract: Using personality traits as moderate variable, external pay equity and internal pay equity as independent variable, a research structure is constructed. And then the effect of these dimensions on employees’ job satisfaction is discussed based on the survey of the full-time employees in three state-owned hospitals in Weifang City of Shandong Province. According to 221 effective questionnaires, the software of SPSS15.0 and AMOS7.0 is used to test the correlation, reliability, and then the method of hierarchical regression analysis is used to test the model. It is revealed: (1)external pay equity and internal pay equity have the significant impact on the job satisfaction of employees; (2)among the big five personality traits, only conscientiousness has the significant moderate effect on the relationship between the pay equity and the job satisfaction, and the rest of four personality traits do not have the significant moderate effect; (3)the effects of gender, age, educational level, and grade-level on job satisfaction are not significant.