The present study explored the structure and correlates of meaning in life (MIL) among an Israeli sample. The sample consisted of 559 adults. The average age of participants was 48.24 and 61.3% of them were females. Participants provided demographic information and completed measures of MIL, satisfaction with life, and depressive symptoms. The MIL Questionnaire showed a very good fit for the proposed 2‐factor model (i.e. presence of meaning, search for meaning) to the data collected from the current sample. Presence of meaning correlated positively with both search for meaning and satisfaction with life, and negatively with depressive symptoms. Search for meaning was positively and weakly tied to satisfaction with life, but was unrelated to depressive symptoms. Religiousness appeared as a significant moderator between the two meaning factors, and between them and life satisfaction. Specifically, as religiousness became stronger: (a) the link between presence of meaning and search for meaning became weaker; (b) the link between presence of meaning and life satisfaction became stronger and (c) the link between search for meaning and life satisfaction became weaker. The findings suggest that there are differential implications of presence search for meaning on the health and well‐being, and the important role religiousness plays in this regard.