Educational quality is perceived differently as it is embedded in its social, cultural, political, and economic circumstances. The current study identified the factors contributing to perceived educational quality in Mongolia and attempted to develop an instrument to measure educational quality using principal component analysis. Using qualitative and quantitative approaches, the analysis yielded 71 items contributing to educational quality in six themes: school environment, school administration, students, parents, curriculum, and teachers. Each theme yielded one to four components as measurable instruments. The study suggests that school conditions should be prioritized to improve educational quality in Mongolia.