Student veterans may experience challenges as they transition from military to student life, including adjusting to the academic environment, coping with mental health concerns, and redefining their identities. Research indicates that veterans may have difficulty finding meaning and purpose outside of the military (Brenner et al., 2008; Doenges, 2011). This study explored variables that may affect meaning and purpose in student veterans' lives, specifically negative career thoughts and depression. One hundred thirty‐two student veterans at U.S. institutions were surveyed. The results revealed that both negative career thoughts and depression were statistically significant predictors (p < .001) of the presence of meaning in life, with 46% of the variance in the presence of meaning in life scores accounted for by participants' negative career thinking and depression levels. Pearson correlations indicated that all variables were statistically significant (p < .01). Future research could explore how other career readiness and self‐assessment constructs are related to meaning and purpose in student veterans' lives, as well as the intersection of mental health and career factors. Interventions that focus both on the presence of negative career thoughts and depressive symptomatology may positively influence student veterans' report of meaning and purpose in life.