This paper analyzes the relationship between meaning in life and psychological well-being in a sample of 180 Spanish undergraduates (138 women, 76.7%; 42 men, 23.3%) aged 18-55, M = 22.91, SD = 6.71. Spanish versions of Crumbaugh and Maholic’s Purpose-In-Life Test and Ryff's Psychological Well-Being Scales were used. Analysis included descriptive statistics, the scales were tested for internal consistency, and correlations were analysed with simple linear regression. The results showed a significant relationship between meaning in life and psychological well-being dimensions, in terms of covariance and prediction, especially with global Psychological Well-Being, Self-Acceptation, Environmental Mastery, and Positive Relations. We conclude that the experience of meaning in life is important for psychological well-being.