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An Italian adaptation of the Oxford Happiness Inventory was administered to 782 adolescents. Exploratory structural equation modeling (ESEM) was used to examine the first- and second-order factorial structure of the scale and its invariance across gender; internal consistency and construct validity were also investigated. ESEM underlined a 5-factor structure (mastery and self-fulfillment, satisfaction with life, vigor, social interest, and social cheerfulness) that measures positive psychological functioning. These dimensions form a single latent construct of general psychological well-being. The scale showed adequate internal consistency values and strong measurement invariance across gender. Finally, regarding convergent validity, both total scale and subscales were positively correlated with extraversion and self-esteem, were negatively correlated with neuroticism, and displayed no correlation with psychoticism.