(1) Background: The need to offer brief scales with items that can be answered with few response options is increasingly important in order to be able to access a broad range of the population. The three-item version of Diener's Satisfaction with Life Scale has recently been proposed. The objective of this study is to study the psychometric properties of the three-item version of this Scale with five response options, as well as the measurement invariance by gender, in a Colombian sample; (2) Methods: A confirmatory factor model of the three items of the scale together with the Flourishing Scale has been tested, and the measurement invariance by gender of the model has been studied. The results offer a very satisfactory fit of the model, showing good evidence of construct and criterion validity, good indicators of reliability and measurement invariance by gender; (4) Conclusions: The three-item version of the Life Satisfaction Scale, previously adapted to the Colombian population with five response options, is presented as a valid and reliable measurement tool. In future studies, it would be convenient to study the test-retest reliability, as well as its psychometric properties in different samples and at a cross-cultural level.