The purpose of this pilot study was to investigate the effects of a yoga-based program on quality of life, perceived stress, mindfulness, and self-compassion in young adults. These variables were measured in 33 self-selected participants of a four-month residential yoga intervention before and after the program. Forty-three demographically matched controls completed the same questionnaires at two time points with a four-month interval inbetween. Participation in the program predicted increases in quality of life and decreases in perceived stress, mediated by mindfulness and self-compassion. Multiple mediator models revealed that the effect of group on quality of life was simultaneously mediated by mindfulness and self-compassion, while the effect of group on perceived stress was only mediated by self-compassion. These positive effects on perceived stress and quality of life suggest that yoga-based interventions may be of value in cultivating subjective well-being in young adults. Furthermore, yoga-based and mindfulness-based interventions may share underlying mechanisms.