Despite growing interest in meaning in life, many have voiced their concern over the conceptual refinement of the construct itself. Researchers seem to have two main ways to understand what meaning in life means: coherence and purpose, with a third way, significance, gaining increasing attention. Coherence means a sense of comprehensibility and one’s life making sense. Purpose means a sense of core goals, aims, and direction in life. Significance is about a sense of life’s inherent value and having a life worth living. Although some researchers have already noted this trichotomy, the present article provides the first comprehensible theoretical overview that aims to define and pinpoint the differences and connections between these three facets of meaning. By arguing that the time is ripe to move from indiscriminate understanding of meaning into looking at these three facets separately, the article points toward a new future for research on meaning in life.