The feeling that one's life has meaning is important throughout the human lifespan, and it is considered a factor related to optimal psychological functioning. The purpose of the present study was to analyze the relationship between the Presence and/or Search for Meaning and several positive psychological functioning variables in emerging adults, and analyze the differences associated with gender. Due to the transitional nature of emerging adulthood, it is important to know the relationships between meaning in life and variables of personal well-being, as well as the differences related to gender in emerging adults, in order to carry out educational and/or clinical interventions to improve their satisfaction with life, self-esteem, and happiness, among other personal well-being variables. The study involved 349 Spanish emerging adults (224 women, 64.20%, and 125 men, 35.80%) with ages ranging between 18 and 26 years, M = 20.81, SD = 2.17. Spanish adaptations of the Purpose-In-Life Test-10 Items, Seeking Of Noetic Goals-8 Items, Satisfaction With Life Scale, Rosenberg's Self-esteem Scale, Oxford Happiness Questionnaire, and Psychological Well-Being Scales were used. Descriptive statistics, t tests for differences between women and men, correlation analyses, and simple linear regression analyses were carried out. Presence of Meaning and Search for Meaning showed a negative correlationship. Presence of Meaning had a negative significant correlation with negative self-esteem, and a positive significant correlation with satisfaction with life, positive self-esteem, happiness, and psychological well-being. Search for Meaning had a negative significant correlation with satisfaction with life, positive self-esteem, happiness, and psychological well-being, and a positive significant correlation with negative self-esteem. Women obtained higher scores on Presence of Meaning, whereas men had higher scores on self-esteem. The experience of meaning in life (MiL) is a factor in optimal psychological functioning in emerging adulthood. Feeling that life has meaning is related to greater psychological well-being, life satisfaction, and happiness, and it is a significant predictor of positive psychological functioning. By contrast, Search for Meaning is associated with greater life dissatisfaction, less happiness , and lower well-being. The relationship between MiL and positive psychological functioning suggests the importance of providing resources to promote psychological well-being during emerging adulthood.