The purpose of this study was to develop a valid and reliable instrument reflecting characteristics of a college in order to measure students’ educational satisfaction. First of all, this study created a conceptual model of students’ educational satisfaction, developed a measurement instrument, and examined its content validity on the basis of previous studies. Then, a pilot survey (558 students) and a main survey (1820 students) were conducted in order to verify the validity of the instrument. An item analysis, a reliability analysis, an exploratory factor analysis, and a confirmatory factor analysis were performed to analyze the data through SPSS 18.0 and AMOS 18.0. The major findings of this study were as follows. First, the instrument developed for measuring students’ educational satisfaction was consisted of seven domains and 26 items. The domains included curriculum, student guidance, student support, educational environment, administrative service, specialized programs, and college image. Second, Cronbach‘s alpha value of the instrument was above 0.9, and therefore its reliability was established. Third, the result of the confirmatory factor analysis revealed that as the GFI, TLI, CFI, RMSEA of the model represented good fit, the questionnaire was confirmed as a valid instrument to measure students’ satisfaction with the college education