The purpose of this study is to examine (a) to what extent demographic covariates, foundational and emerging positive psychology traits (FEPPTs), and PERMA uniquely predict college life adjustment, health-related quality of life (HRQOL), and life satisfaction of student military veterans; (b) PERMA as a happiness and well-being model for college life adjustment, HRQOL, and life satisfaction among student veterans; and (c) FEPPTs as predictors of PERMA (positive emotion, engagement, relationships, meaning, and accomplishment). In addition, we tested whether total PERMA scores mediate the relationship between service-connected disability and college adjustment. A total of 205 student veterans responded to an online survey. Results revealed that demographic covariates (e.g., service-connected disability), FEPPTs (e.g., optimism), and PERMA (e.g., positive emotion) significantly accounted for college life adjustment, HRQOL, and life satisfaction of student veterans. In addition, a mediation analysis revealed that PERMA partially mediated the relationship between service-connected disability and college life adjustment of student veterans. The results of this study provide empirical supports for the use of PERMA as a comprehensive well-being model of college life adjustment for student veterans.