This study developed a Japanese version of the Valuation of Life (VOL) scale, to measure psychological well-being among older adults. In Analysis 1, we conducted a factor analysis of 13 items, and identified two factors: positive VOL and spiritual well-being. These factors had adequate degrees of internal consistency, and were related to positive mental health. In Analysis 2, we examined sociodemographic, social, and health predictors for VOL. The role of social factors was stronger than the role of health factors, and spiritual well-being was more related to moral or religious activities than positive VOL. These results suggest that predictors for VOL vary by culture. In Analysis 3, we investigated the relationship between VOL and desired years of life. Positive VOL significantly predicted more desired years of life, whereas spiritual well-being did not. Positive VOL had acceptable reliability and validity. Future research is required to investigate whether VOL predicts survival duration or end-of-life decisions.