On the death of his father in 1620, he became daimyo of Shinano-Nakamura Domain (10,000 koku), taking the name of Iwaki Yoshitaka. In 1622, his revenues were increased by 10,000 koku in Yuri District of Dewa Province, and in November 1623, he moved his seat from Shinano-Nakamura to Kameda Village in Yuri District, where he built a jin'ya. He was awarded lower 5th court rank and the courtesy title of Shuri-Daiyu in December 1624.
He was adopted as heir by his uncle, Satake Yoshinobu in April 1626, following the disinheritance of Yoshinobu’s son Satake Yoshinao for incompetence, and was given the name Satake Yoshitaka. On April 27, 1626, he was presented in formal audience to shogun Tokugawa Hidetada and Tokugawa Iemitsu, and was awarded lower 4th court rank and the courtesy title of Jijū (侍従).
Yoshitaka was awarded an estate of 50,000 koku in November 1630 by his adoptive father, who exhibited no signs of intending to retire or relax his control over Kubota Domain. However, on Yoshinobu’s death on February 26, 1633, Yoshitaka finally succeeded to the leadership of the clan. He was permitted to formally enter the domain for the first time on May 8, 1633. On December 28, 1666, his court title was promoted to "General of the Left Imperial Guard" (左近衛少将). He died at Kubota Castle on December 5, 1671.
His official wife was the daughter of Satake Yoshiaki, and he is known to have had at least two concubines. His eldest son, Yoshioki predeceased him at the age of 22, and Yoshioki’s son became daimyo of Kubota-Shinden domain. Yoshitaka’s second son, Satake Yoshizumi inherited Kubota.