The built environment has great influence over the sustainability of societies as well as over people’s quality of life. Quality of life (QoL) is a broad concept that has different definitions across diverse bodies of knowledge. The social–cultural environment and the characteristics of the built environment influence people’s perception of QoL. This study aims to identify and analyse the factors that impact QoL and sustainable development in the urban context. A systematic literature review was developed to understand QoL concepts and to identify urban indicators that contribute to the multidimensional evaluation of urban QoL. The results include (1) a holistic overview of QoL concepts and indicators; (2) the proposal of a holistic urban QoL concept; (3) the identification of urban QoL dimensions and indicators that contribute to urban QoL evaluation. The main contribution of this study is its discussion of the multidimensional nature of QoL, including objective and subjective dimensions.