Health‐related quality of life (HRQL) is an amalgam of three elements – the opportunities that a person's health status affords, the constraints that it places upon the person and the value that a person places on his/her health status. HRQL measures are specific, for example for a disease, or generic with broad applicability. The latter include preference‐based measures that can be used to generate quality‐adjusted life years and so contribute to economic evaluation. Measures of HRQL in adolescents and young adults (AYAs) with cancer may fail to capture some important dimensions, for example sexual health. However, the use of HRQL measures in this population has identified burdens of morbidity according to disease, treatment status and duration of follow‐up. There are few economic evaluations of the treatment of cancer in AYAs but preliminary evidence suggests that this is a cost‐effective undertaking. Opportunities abound to include measurement of HRQL in routine clinical care.