The aim of this study was to carry out a cross-cultural adaptation and validation of the Spanish version of the Recovery Process Inventory (RPI-S) and to provide empirical evidence on the importance of hope and social support for the personal recovery. A preliminary Spanish version of the RPI was first produced through a standardized process, ensuring semantic, linguistic, and contextual equivalence with respect to the original instrument. The psychometric properties were then examined in sample of 267 participants with severe mental disorders. The recommendations included in the STROBE checklist for cross-sectional studies were followed. Confirmatory factor analysis supported a structure consisting of four key dimensions for assessing personal recovery. Correlations between scores on the RPI-S and scores on the Spanish version of the Questionnaire about the Process of Recovery and on the Spanish version of the Maryland Assessment of Recovery Scale showed the expected direction and magnitude, supporting convergent validity. Internal consistency of RPI-S scores was adequate (McDonald’s ω ranging between .70 and .88), as was temporal stability over a one-week interval (Pearson correlation coefficients ranging between .71 and .77) for all the dimensions. In addition, people with greater hope and social support reported better levels of personal recovery on all dimensions assessed by the RPI-S. The results suggest that the RPI-S is a valid and reliable instrument for assessing personal recovery among Spanish people with severe mental disorders and demonstrate the importance of hope and social support as essential factors within the conceptual framework of recovery.