The West Coast city placed fifth worldwide for the second year in a row. In 2005 the study ranked Vancouver 3rd in the world.
The annual study looks at everything from climate to housing and the political and social environment when ranking 230 cities.
The top ranking for 2015 went to Vienna, followed by Zurich, Auckland and Munich.
"Vancouver is the highest-ranking city in North America and the region’s only city in the top 10," according to the study.
- Top 10 most livable cities include Vancouver, Calgary and Toronto
Vancouver was followed by Toronto at 15, and Ottawa at 16. The highest ranking U.S. cities trail behind with San Francisco at 27, Boston at 34 and Honolulu coming in at 36.
The study is done to help multinational companies and other employers compensate employees when they're given international assignments.
Seven European cities dominated the top 10, including Dusseldorf in the 6th place, followed by Frankfurt, Geneva and Copenhagen in 9th.
Europe dominates top 10
"Despite concerns about economic growth, the cities of Western Europe continue to offer a stable environment for employees and employers," the report said.
London, placed 40, and was the highest-ranking city in the United Kingdom.
Elsewhere, Singapore, placing 26th in the world, was the top place in Asia-Pacific. Dubai, in 74th place, was the highest-ranking place in the Middle East and Africa.
Baghdad, Iraq came in last place.
Data for the study was collected in the fall of 2014.