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They are both correct but only the second is said when you're enjoying yourself (for example, when you're enoying a good concert).

When is the first one used?

Yes, the first isn't probably used all that much but I'm sure we can come up with some sentences where it makes sanse to say that. For example, as a headline, the following might just work

This is life -- (A) 70 year old woman gives birth to (a) healthy baby girl

Anonymous...(This)(That) is life. This one is very commonly used, and is said when something unfortunate or bad happens. It expresses the sentiment that nothing can be done. We just have to accept it; it's part of life.

This)(That) is the life. It is said when something very good is ha

canadian45...(This)(That) is life. This one

I usually hear "That's life" in that context but have no problem accepting "this is life".

AnonymousWhich sentence is correct?

Someone tells you of his misfortune. I lost my job. I broke my arm. My brother died.
In the spirit of resignation to life's troubles, you say (perhaps with a sigh), "That's life."
(That is how life is.)

You have visited the home of a very rich person. The home is contains all the best furniture, b

Thank you very much