The main purpose of this study was to evaluate psychometric properties of the Serbian version of the Multidimensional Students' Life Satisfaction Scale (MSLSS). The research was carried out on a sample of 408 high school students (250 females, 158 males), with the mean age 16.6. The Serbian version of the MSLSS has demonstrated good psychometric properties. The internal consistency coefficients (Cronbach's alpha) for the MSLSS domain and total scores were adequate. Support for the validity of the MSLSS was provided by the pattern of correlations with various positive and negative indicators of well-being. However, it has been suggested that shortening the scale from 40 items to 25 items could provide more accurate measure of adolescents' life satisfaction for the future research.