An analysis of the literature on the quality of life and tools for its measurement revealed a gap in the field of research tools to study the quality of life of the so-called young adults. According to the theory of emerging adulthood, people aged 18–25 significantly differ from people of other age groups, including their self-perception. The aim of this article is to present the process of creating an inventory for multidimensional research on students’ quality of life, its structural and theoretical validity as well as reliability of the tool. Structural validity of Multidimensional Inventory of Students Quality of Life (MIS-QOL) is measured by three different indicators. Comparative fit index (CFI), PCLOSE and the root mean square error (RMSEA) show good or very good structural validity of every dimension and general score. Additionally, theoretical validity of general score measured as a correlation with commonly used questionnaires show correlation on level of 0.52 with somatic subscale of WHO, 0.631 with environmental subscale of WHO, 0.657 with Satisfaction with Life Scale (SWLS), 0.703 with psychological subscale of WHO, and 0.786 with Quality of Life Scale (QOLS). Reliability of each dimension and general score measured by Cronbach alfa and split-half coefficients are above 0.7. The multidimensional construction of MIS-QOL allows researchers to compare acquired data with international research conducted by Eurostat or the OECD