The purpose of the article is to substantiate the methodology for determining the European quality of life index. The theoretical and methodological basis of research is the ideas of the interdependence of life quality and sustainable development. To achieve the desired goal, the following research methods were used: analysis and synthesis (for determining theoretical and practical aspects of ensuring the life quality); statistical (for determining standardized indicators and a European Quality of Life Index for Sweden and Ukraine); abstract-logical (for theoretical summarization and conclusion). As a result, the authors created the European Quality of Life Index based on the comparison of the characteristics of international life quality assessment systems (calculation principle, number and composition of indicators, number of countries covered for calculation), as well as systematization of research by Ukrainian and foreign authors. Therefore, the authors selected twelve main indicators. The indicators are divided into two groups: stimulants (prosperity index, basic human needs index, welfare bases, availability of nutrition and basic health care, GDP per capita, population, global competitiveness index, personal security, access to basic knowledge, ecosystem status) and disincentive (government debt, unemployment). To determine the “European life quality index”, the authors used the formula for calculating the arithmetic mean, as all selected indicators can be considered equivalent as a result of standardization by the method of “minimum- maximum”. In addition, for in-depth analysis, the authors calculated the growth rates of indicators, as well as coefficients of variation. The authors made calculations based on data of 2013–2019 for two countries, namely Sweden and Ukraine. Sweden occupies a much better position in achieving the Sustainable Development Goals, so studying the impact of life quality on sustainable development in this country will suggest ways to achieve the chosen strategic priorities for Ukraine.