The purpose of this article was to investigate the relationships between different dimensions of meaning in life and subjective and psychological well-being (PWB) among late adolescents. Three hundred and eighty four Polish participants completed The Personal Meaning Profile scale, The Satisfaction With Life Scale, The Positive and Negative Affect Schedule, The PWB scale, and the Meaning in Life Questionnaire. Two studies were conducted. In Study 1, the findings revealed that personal meaning had strong relations with subjective well-being (SWB) and PWB. In addition, the dimensions of personal meaning were more strongly associated with the cognitive dimension of SWB than with PWB. In Study 2, search for meaning had positive associations with SWB and PWB among those late adolescents who already had substantial meaning in life. Individuals who were in presence and search style had higher levels of SWB and PWB than those in only search style or presence style. The results demonstrate that purpose embedded in the concept of meaning in life appears central to the formation of adolescent well-being as young people come to establish overarching aims.