Compost capability of restoring or enhancing soil quality depends on several parameters, such as soil characteristics, compost carbon, nitrogen and other nutrient content, heavy metal occurrence, stability and maturity. This study investigated the possibility of relating compost stability and maturity to water-extractable organic matter (WEOM) properties and amendment effect on soil quality. Three composts from municipal sewage sludge and rice husk (AN, from anaerobic wastewater treatment plants; AE, from aerobic ones; MIX, from both anaerobic and aerobic ones) have been analysed and compared to a traditional green waste compost (GM, from green manure, solid waste and urban sewage sludge). To this aim, WEOMs were characterized through chemical analysis; furthermore, compost stability was evaluated through oxygen uptake rate calculation and maturity was estimated through germination index determination, whereas compost impact on soil fertility was studied, in a lab-scale experiment, through indicators as inorganic nitrogen release, soil microbial biomass carbon, basal respiration rate and fluorescein di-acetate hydrolysis. The obtained results indicated that WEOM characterization could be useful to investigate compost stability (which is related to protein and phenol concentrations) and maturity (related to nitrate/ammonium ratio and degree of aromaticity) and then compost impact on soil functionality. Indeed, compost stability resulted inversely related to soil microbial biomass, basal respiration rate and fluorescein di-acetate hydrolysis when the products were applied to the soil.