The purpose of this study is to examine factors influencing quality of life for individuals in the family, school or workplace, leisure settings, and Korean society using the indigenous psychological analysis. A total of 3,406 participants, consisting of 1,331 elementary, middle, high school students and 2,075 parents and teacher, completed an open-ended questionnaire developed by Kim and Park (2004b). The respondents reported the factors that influence quality of life in Korean society as follows: Economic condition, collective effort, leisure and cultural life, harmonious interpersonal relationships, effective government policy, and educational attainment. The factors that reduce quality of life in Korean society are as follows: Economic uncertainty, political instability, lack of citizenry, ingroup favoritism, corruption, lack of facilities for leisure and social life, and overemphasis on educational achievement. Second, the factors that influence quality of life in the family are as follows: Harmonious family relations and financial security. For students relationship with friends and academic achievement are reported as important factors influencing quality of life at school. For adults, harmonious interpersonal relationship, financial factors and occupational achievement are reported as important factors influencing quality of life at the workplace. For leisure and social leisure life, financial security, leisure time and interpersonal relationships are reported as important factors influencing quality of life. Third, as for generational differences, students reported political instability and adults reported economic uncertainty as the most important factor reducing quality of life in Korean society. For family life, students reported conflicts among family members and adults reported financial constraints as the most important factor reducing quality of life. For leisure and social life, students reported lack of leisure time and adults reported financial constraints as the most important factor reducing quality of life. Fourth, for students the following characteristics were associated with higher quality of life: Higher socio-economic status of the family, younger, and higher academic achievement. For adults, the following characteristics were associated with higher quality of life: Higher socio-economic status of the family and greater achievement their social life. Implications of these results on the quality of life in Korea, focusing on human relationship, financial factors, self-regulation and educational achievement are discussed.