Our prospective study investigates the 3‐year trajectory of disease‐specific quality of life (QoL) using the PEmb ‐QoL questionnaire, functional performance via 6‐min walk tests, and the 5‐year survival following acute pulmonary embolism (PE) and explores their association with patient demographics and clinical characteristics. We highlight that PE‐specific QoL improves over time despite no significant changes in cardiopulmonary performance.