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Introduction Mental well-being (MW) has become increasingly challenging for university students. Research suggests that fostering hope, moral identity (MI), and meaning in life (MIL) can enhance MW. However, the mechanism by which these variables enhance MW is not clear. Theoretical frameworks propose that MIL represents a fundamental existential concern for human beings. Objectives This study investigated whether the presence of meaning in life (presence-MIL) mediates the relationship between the agency of hope (agency-HP), the pathway of hope (pathway-HP), the symbolization (symbolization-MI), and internalization aspects of moral identity (internalization-MI), and MW. In addition, since the search for meaning in life (search-MIL) is often associated with psychological distress and may negatively affect MW, the study also examined whether presence-MIL serves as a psychological buffer against this effect. Methods In this study, a cross-sectional design was employed. Using a stratified sampling technique, 595 students were selected from 10 colleges at Hawassa University, Ethiopia. Data were analyzed using Pearson correlation, independent t-tests, and structural equation modeling (SEM) with AMOS. Results The results demonstrated that the presence of MIL plays a partial mediating role in the relationship between agency-HP and pathway-HP with MW. The relationship between internalization-MI and symbolization-MI and MW was found to be fully mediated by the presence-MIL. The presence-MIL demonstrated the buffering effect against the negative impact of the search-MIL on MW. Conclusion The presence of MIL is critical for improving MW. Policy directions, public health interventions, such as hope therapies, and moral treatments to enhance MW should prioritize the incorporation of the MIL for successful outcomes.
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