A central component of positive psychology is subjective well-being (SWB). One facet of SWB receiving increased research attention is children's perceived quality of life (PQOL). Existing research related to child and youth PQOL is reviewed, followed by a discussion of the implications of the research for school psychology practice. Research with children and adolescents reveals that PQOL has a wide ranging nomological network including personality, environmental, and activity variables. Furthermore, PQOL appears to mediate relationships between the environmental experiences of youth and problem behavior. Implications are discussed within the context of calls for greater attention by school psychologists to prevention, non-traditional assessment, direct service, consultation with teachers and parents, diversity issues, and the science-practice connection.