To inform psychiatric practice and research that enhances subjective quality of life (SQL) in diverse persons with schizophrenia, this study explored whether SQL differs in blacks and whites with varying educational attainment. Participants were interviewed upon discharge from 4 New York City psychiatric hospitals and after 3 months in community care (N = 264, mean age of 37 years, 61% male, 56% black). Linear regression equations predicted white and black SQL from educational attainment and control variables (ethnicity, age, functioning level, symptom severity). Educational accomplishment predicted lower SQL (F = 3.53, df = 4,227, p < 0.01), especially among whites (F = 5.87, df = 4,92, p < 0.001). However, the association was statistically insignificant in blacks who had SQL peaks and valleys with more years of school. Findings suggest that psychiatric care and research should account for educational and cultural variation in assessing and promoting SQL.