This study explores economic and psychological factors as well as dietary, clothing, and dwelling lifestyle factors that influence the happiness of college students. For this, a survey of 570 students (222 males and 348 females) was conducted using 72 categories, including general characteristics, the happiness index, the health index, and economic, psychological, dietary, clothing, and dwelling factors. Gender differences in student characteristics were analyzed through an independent samples t-test, and relationships between variables were analyzed using Pearson correlation coefficients. Variables showing significant correlations with the happiness index were classified as independent variables for the dependent variable of the happiness index and used for a regression analysis. The happiness index showed no significant gender difference, but it was higher for males than for females. Males scoring higher in the economic lifestyle and self-esteem, among others, were more likely to think practically, and their economic lifestyles were relatively rational. In both genders significant positive correlations were found between the happiness index and allowance satisfaction, the allowance level, the economic lifestyle, self-esteem, major satisfaction, and peer satisfaction. Variables more likely to influence the happiness index for males were self-esteem, peer satisfaction, the economic level, major satisfaction, and regular exercise, whereas those for females were self-esteem, peer satisfaction, and stress eating. These results indicate that emotional factors such as self-esteem and peer satisfaction were more likely to influence the happiness index of college students for both genders than economic and physical factors.