There are many publications of domestic and foreign scholars about solving the scientific problems associated with the development of adequate theoretical interpretations and empirical measurement of the «quality of life» category. However, the variety of definitions of the «quality of life» term creates conditions for multivariate specification of theoretical equations in the processing of socio-economic information and, consequently, hinders the adoption of final administrative decisions at the macro economy. Formation of social standards of life totally depends on the state’s economic policy, which, in turn, is built in line with the theoretic model, formally or informally accepted by the head of state (or by international organizations). In this case, obviously, the development of theoretical interpretation of the quality of life must be considered in the context of social relations development. In our opinion, this will help to clarify the priorities of the state social policy to ensure a decent quality of life for citizens in accordance with modern progressive views. The purpose of research — clarifying the content of the «quality of life». The research tasks are: analyzing the economic and non-economic concepts of quality of life, identifying the key stages of their development, presenting a meaningful description of the theoretical concepts of quality of life in the context of social relations development. Methods of the study: monographic method, abstract logic method, analysis, synthesis, method of generalization. As a result, the author changed the interpretation of the category of «quality of life» to include economic and non-economic components. «Linking» the quality of life concept with the transformation of macroeconomic theory made.