The study examines the question whether meaning in life and hope can explain unique variance of positive mental health not predicted by personality traits. The sample consisted of 148 adolescents (73 males, 75 females) ranging in age from 16 to 19 years. NEO-FFI was used to measure the big five traits, Halama's Life Meaningfulness Scale for measuring meaning in life and Snyder's Hope Scale for measuring hope. To measure positive mental health, use was made of Diener's Satisfaction with Life Scale and Rosenberg's Self-Esteem Scale. The correlation analysis showed that personality traits, meaning in life and hope have significant correlation with positive mental health variables. Hierarchical regression analyses revealed that the big five traits explain 26.1% of life satisfaction variance. Meaning in life but not hope explained additional 8% of variance of life satisfaction. The Big five traits explained 42.4% of self-esteem variance, hope explained additional 8% and meaning in life 4%. The results confirmed that meaning in life is an independent predictor of both life satisfaction and self-esteem, and hope is an independent predictor of self-esteem.