The effort-reward imbalance (ERI) model is a theoretical model in the work context that identifies stressors and their adverse effects on health. This article attempts to apply the ERI theory to the PhD context and describes the adaptation and validation of the ERI scale for doctoral students (ERI-PhD) in a sample of 1,275 PhD students gaining a doctoral degree in Germany. We calculated item-total correlations and McDonald's Omega to assess the internal consistency and used exploratory and confirmatory factor analysis to test the theoretical and factorial structure of the scale. The factorial time invariance was tested with a 6-week follow-up design (n = 705). The relationship between ERI and different PhD groups was examined to test discriminant validity. Linear regression analyses of the ERI-PhD with mental health (Patient Health Questionnaire-4) were examined to test the criterion validity. Exploratory factor analysis using a randomized half of the sample yielded a four-factor structure solution. Using the other half of the sample, confirmatory factor analysis confirmed that the four-factor solution fitted the data the best. Also, the ERI level varied among demographic and PhD-related variables and contributed to the explanation of poor mental health. The PhD version of the ERI questionnaire is a valid and reliable new instrument for assessing the perceived social reciprocity between efforts and rewards and its effects on mental health (i.e., depression and anxiety). In light of stress-related PhD conditions (e.g., isolation, work-life conflicts) and many PhD students leaving academia, the tool can provide valuable explanations.