In economics theory, education is viewed as a financial investment. The financial returns on education are well documented, but attention to the non-pecuniary returns of higher education is still very limited in the literature. Moreover, this issue has not been systematically studied based on a Taiwanese sample. This paper uses the Taiwan Youth Project to examine the relationships between highest degree and non-pecuniary-related job characteristics, health, well-being, and addictive behaviors. Diplomas are classified into below college, bachelor's, master's and Ph.D. The non-pecuniary job characteristics considered in the paper are current job status, occupational prestige scores, occupational socioeconomic status scores, work benefits, to what degree one's job is related to one's major, and job satisfaction. The measures of well-being include being happy about one's life and satisfaction with life. The addictive behaviors are smoking and drinking. The paper uses an ordinary least squares regression model when the dependent variable is binary, but a multinomial logit model when the dependent variable has multiple categories. Results indicate that compared with those without a college degree, individuals with a college degree or above have a higher likelihood of having a job. They are likely to work in a job with a better occupational prestige score and occupational socioeconomic status score, and have more work benefits and a job more closely related to their field of expertise. In addition, their subjective health evaluation is better, and they are less likely to have addictive behaviors relative to those without a college diploma. Taken individually, each piece of the empirical results is not sufficient to prove the existence of non-pecuniary returns of higher education, but combined, all the results suggest that higher education brings non-pecuniary benefits both inside and outside of the labor market. These results help us understand one of the possible reasons behind the phenomenon that even though the pecuniary returns of higher education are declining, people's demand for higher education is still strong.