Even though sexual activity frequently takes place with another person, research rarely focuses on how partners influence each other’s sexual lives. This study used the sexual dyad to compare the concept of actual versus perceived discrepancy in sexual interest and explored how each is related to older partnered individuals’ sexual satisfaction. Further, the study assessed the robustness of the association between sexual interest discrepancy and sexual satisfaction, if any, by controlling for emotional intimacy. The actor–partner interdependence model (APIM) using structural equation modeling (SEM) was applied to examine 677 heterosexual couples ages 60 to 75 in Norway, Denmark, Belgium, and Portugal. Although a couple’s actual discrepancy in sexual interest was not predictive of female and male partners’ sexual satisfaction, perceived discrepancy was negatively associated with sexual satisfaction in both partners after controlling for emotional intimacy. This indicates that the subjective feelings of being sexually dissimilar seem to be more important to sexual satisfaction than the actual mismatch among partners in older heterosexual couples. Moreover, the finding that emotional intimacy is linked with sexual satisfaction underscores the importance of a broader perspective on sexuality among older adults.