Previous research has shown that meaning in life (MIL) includes feelings of coherence, purpose, and external value (i.e., significance or mattering). Our studies aim to contribute to this framework by testing whether internal value should also be considered a basic component of MIL. To meet this aim, we developed a quadripartite existential meaning scale (QEMS) that incorporates items assessing one’s perceived internal value of life, and examined its relationship with other relevant measures. Results from three samples of undergraduates showed that QEMS had sound psychometric properties (e.g., good factor structure and reliability) and could effectively differentiate four sub-constructs of MIL. Regression and relative importance analysis demonstrated that each QEMS subscale carried unique predictive utility for unidimensional meaning measures, relevant well-being variables, and exhibited differential associations with other theoretically related variables (e.g., self-reflection, commitment making, self-esteem, and self or other interest orientation). Finally, exploratory structural equation modelling analysis showed that the four MIL sub-constructs formed an association pattern where comprehension fosters purpose, and purpose, in turn, contributes to both external and internal value. Implications for considering internal value as a core component of meaning in life are discussed.