Chinese University carried out the survey between June and December last year.
On average, students gave a score of 6.97 out of 10 when asked how satisfied they were with their lives.
The average score given by their international counterparts in similar surveys is 7.8.
Only 18 percent of students in Hong Kong said they were “very satisfied”, compared to the international level of 36 percent.
About 40 percent of those in Hong Kong said they felt down, angry or couldn’t sleep at least once a week.
The older the students, the more emotional problems they reported.
About 20 percent of students also said they never exercised.