Education as a phenomenon is rather complex which makes it difficult to define its quality. Definitions of quality must be open to change and evolution based on information, changing contexts, and new understandings of the nature of education's challenges. The main objective of the paper is to find out the significance of quality education for social development and human well-being. Access to education is critical. But it is not enough. Millions of children go through school and come out without basic literacy and numeracy. Many students around the world are banking their futures on poorly trained. The goal of social development in the context of modern welfare is to produce social well-being and educational quality has become the central pivot for many education systems in developing countries. Quality education plays an important role in human development. Human development encompasses development in several dimensions of human well being. Social development is one of the important dimensions. It has the power to shape a sustainable future and better world. Education policies should promote peace, mutual respect and environmental care. At the core of the pursuit of quality education, the focus should be on strengthening learning performance and providing learners with the capacities to address the challenges of a sustainable future for all. [This paper was published in: T. C. Thankachan (Ed.), "VISION 2030: Contributions of Educational Researches on National Development. Proceedings of the UGC Sponsored Two Day National Seminar (6th and 7th August 2015)." p123-128. Kerala, India: St. Thomas College of Teacher Education (ISBN 978-81-927201-4-2).]