The general goal of this theoretical article consists in carrying out a review of the advances on the concept of quality of life during the last decade. We will refer to the utility and importance of the quality of life construct for different collectives, contexts and disciplines, but especially in the field of disability. We also describe and discuss the historic evolution of the concept, the present conception of individual quality of life, the models proposed to define and assess the concept emphasizing the Schalock & Verdugo’s model (2002), the different phases to develop and validate this model and its applications. Finally, new challenges and emerging research lines in the quality of life field are indicated.