Two studies were carried out in an effort to develop and evaluate an instrument designed to assess suicidal risk in college students. Study 1 describes the development of the College Student Reasons for Living Inventory (CSRLI), an instrument that measures the extent to which college students place importance on various reasons for living even when contemplating suicide. The impetus for the current study was provided by Linehan et al., who in 1983 developed the Reasons for Living Inventory for use with adults. In the current study college students generated a series of 84 “reasons for living” items, which were reduced through factor analysis to a final inventory of 46 items. Six factors were extracted as follows: Survival and Coping Beliefs, College and Future‐Related Concerns, Moral Objections, Responsibility to Friends and Family, Fear of Suicide, and Fear of Social Disapproval. Five of these factors reflect the same basic themes contained in the Linehan et al. (1983) study. The sixth factor (College and Future‐Related Concerns) appears to be unique to college students. Linehan et al.'s Child‐Related Concerns factor expectedly did not appear in this college sample. In Study 2 initial evaluation of the CSRLI was carried out through the use of correlational, confirmatory factor, and discriminant analyses. Results indicate that the CSRLI holds promise as an instrument to predict suicidal risk among college students.