Prominent theories of gender suggest that gender can be variable, rather than static. For example, a person may experience changes in their masculinity and femininity in daily life, which we refer to as ‘state gender variability.’ Theory and research suggest that the degree to which masculinity and femininity fluctuate may have implications for body satisfaction. In this study, we analysed intensive longitudinal data to gain nuanced insights into how masculinity and femininity vary in everyday life among a sample of majority cis-gender sexual minority men. We first present a comprehensive descriptive analysis of gender variability. Second, we test whether individual differences in gender variability are associated with body satisfaction. Masculinity and femininity were moderately stable, with substantial within-person variability. Masculinity and femininity tended to be more variable than state body satisfaction and negative affect. Further, variability and instability in masculinity were associated with lower body satisfaction. Conversely, variability in femininity was associated with higher scores on body satisfaction. Our study contributes to a growing literature examining the implications of masculinity and femininity for sexual minority men’s body image and opens up new lines of inquiry focused on state gender variability.