Objectives: The aim of the present qualitative and quantitative study was to investigate whether the participation of elderly persons in the University of the Third Age (U3A) of the Federal University of São Paulo, Baixada Santista (Unifesp/BS) led to a perceived improvement in quality of life; the meaning of the term quality of life for the participants; and whether education and social interaction are considered relevant in any such perceived improvement. Method: Data were collected through the SF-36 questionnaire and semi-structured interviews at the beginning and end of the academic year. Results: The quantitative data did not differ significantly between the beginning and end of the research period, except for the variable Vitality (V). The qualitative results, however, signaled a perception of change in terms of education, social interaction and quality of life. Conclusion: The data indicated that participation in the University of the Third Age at the Federal University of São Paulo, Baixada Santista (Unifesp/BS) was associated with a perception of positive changes in the quality of life of the elderly persons, who considered social interaction and education to be an important part of these improvements.