Background This study compared education levels, health‐related quality of life (HRQoL) and perceived social support of adolescent and young adult (AYA) cancer survivors with those of a control group of peers with no history of serious illness. The links between socio‐demographic and medical factors and AYA cancer survivor outcomes were investigated. Methods The participants included AYA cancer survivors (n = 205) recruited during follow‐up visits, and AYA peers (n = 205) recruited from the secondary schools, youth groups and universities. All of the participants filled in self‐report questionnaires regarding HRQoL and perceived social support. In addition, medical and socio‐demographic information was collected. Results There were statistically significant differences between survivors and controls in terms of education level, HRQoL and perceived social support. Cancer survivors attended school for fewer years had a more positive perception of their health and a lower level of perceived social support provided by family, friends and significant others than controls. The results showed that female gender, the diagnosis of haematological disorder, haematopoietic stem cell transplantation and a shorter off‐treatment period are risk variables for poorer HRQoL and social functioning in AYA cancer survivors. Conclusions Adolescent and young adult cancer survivors perceived a better quality of life than controls, especially those treated for haematological disorders or with a shorter off‐treatment period. Future studies should aim to understand better this positive self‐reported phenomenon, as well as investigating post‐traumatic growth using qualitative narratives. Copyright © 2016 John Wiley & Sons, Ltd.