Work-related internal migration can be associated with various labor market benefits such as improved career opportunities. However, benefits can be offset by specific burdens (relocation stress) which, in turn, can lead to adverse health outcomes. These burdens include organizing the move, difficulties in maintaining social relationships, homesickness or feelings of displacement. However, there is a particular lack of longitudinal studies which deploy advanced methods to examine how internal migration affects shifts in health-related quality of life (HRQOL) over time. Also, there has been little research into whether the consequences of relocations differ by socio-economic position. In order to address these gaps, we apply fixed effects (FE) panel regression models to representative data from the German Socio-Economic Panel (SOEP). We use the SF-12 Health Survey items to capture the subjective assessment of overall mental and physical well-being. Overall, we find an increase in physical HRQOL after the relocation event. Mental HRQOL tends to decrease before the event and then increases afterwards, on average, but there seems to be very little lasting change. Subgroup analyses, however, reveal differential trajectories by educational level, i.e. a clear educational health gradient around migration. While physical and mental HRQOL increases among movers with high educational attainment, individuals with lower levels of education show decreases in both health dimensions upon moving.