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The purpose of this study was threefold: (1) to evaluate the measurement invariance of the Satisfaction with Life Scale (SWLS) across five European countries: Austria, Bosnia and Herzegovina, Croatia, Montenegro, and Serbia; (2) to investigate mean differences in life satisfaction in these five countries; (3) to examine associations between SWLS and a single-item life satisfaction measure across countries. A total of 1162 students completed the SWLS via an online questionnaire. The measurement invariance was tested by a multi-group confirmatory factor analysis. Full scalar invariance of SWLS was found. Students in Austria reported greater life satisfaction than students in other countries. SWLS strongly correlated with a single-item measure across countries. Our findings supported measurement invariance of SWLS across five countries.