Objectives: This study aimed to examine the association between experiencing food insecurity and suicidal ideation among low-income households in South Korea, with particular attention to investigating the mediating roles of depression and health satisfaction. Methods: This study used a nationally representative sample from three recent waves of the Korean Welfare Panel Study. The analytic sample of this study was composed of 2,078 low-income households. This study conducted a path analysis to estimate the path model representing the hypothesized set of associations. Results: Overall, this study found that experiencing food insecurity was directly associated with a higher likelihood of having suicidal ideation, with a higher level of depression, and with a lower level of health satisfaction. This study also found partial mediation paths in which food insecurity was associated with suicidal ideation through depression, and food insecurity was associated with depression through health satisfaction; and a full mediation path in which health satisfaction was associated with suicidal ideation through depression. Furthermore, this study found that the direct association of experiencing food insecurity with having suicidal ideation was more pronounced for male-headed households, and that the indirect associations between food insecurity, health satisfaction, depression, and suicidal ideation were more pronounced for non-elderly-headed households. Conclusions: Policy and practice implications to improve living condition among low-income households and to reduce their suicide-related behavior were discussed.