Michelle Obama's life is on cruise control ... and yes, we're jealous as hell.

The former First Lady boarded this SICK yacht in Mallorca, Spain where she was visiting an American diplomat and his partner. She later boarded the same yacht and from the look of things, a ball was had by all.

The Obamas knew how to do just about everything right in their time at 1600 Pennsylvania Ave. ... and they're slaying again as private citizens. They've been just about everywhere, too -- Indonesia, Bali, and Tuscany, just to name a few.

Again ... jelly as hell.