Subjective well-being is an increasingly common indicator of adequacy of psychiatric services. An easy-to-administer assessment tool of subjective well-being that is conceptually sound, valid, and reliable is needed for use in persons with schizophrenia. The purpose of this paper was to validate the 5-item Satisfaction with Life Scale (SWLS)-Taiwan version for persons with schizophrenia living in the community. Specifically, the internal consistency reliability, construct validity and criterion-related validity were examined. Data were obtained from a total of 443 patients with schizophrenia at multiple areas of Taiwan. Item analysis and confirmatory factor analysis were performed. The results revealed that the SWLS had good international consistency reliability and suggested a single-factor structure in life satisfaction among this patient group. The SWLS has good criterion-related validity with the brief World Health Organization Quality of Life Assessment (WHOQOL-BREF). It is concluded that the SWLS is a sound measurement to be used with persons with schizophrenia living in the community.