<p>Finding meaning in their studies is a crucial aspect for medical students, particularly during their first year, which is marked by a challenging transition from high school to university. Meaning in work has been linked to higher well-being, increased engagement, and reduced burnout. While meaning in work is well-explored in the field of positive psychology, its role in academic contexts remains under-researched. Therefore, this analysis examines the associations between meaning in medical studies, well-being, burnout, and study–life conflict among medical freshmen, and explores the role of character strengths and their applicability. A total of 503 first-year medical students at a medical university in Austria participated in an annual online survey conducted between 2015 and 2020. Data were analyzed using Pearson correlations and structural equation modeling (SEM). SEM analysis revealed a significant positive relationship between meaning in medical studies and subjective well-being, while it showed significant negative relationships between meaning in studies and both burnout and study-life conflict. Among character strengths, zest and love of learning predicted meaning in medical studies, whereas curiosity and the applicability of signature character strengths showed no significant effect. The findings highlight the importance of fostering meaning in medical studies to enhance the well-being of medical students, particularly during their first year. Interventions aimed at strengthening relevant character strengths and promoting meaning in academic pursuits may help reduce burnout, improve study–life balance, and support mental health.</p>