Background: Individuals who report greater meaning in life tend to consume less alcohol. However, research elucidating pathways through which meaning in life influences consumption is lacking. Behavioural economic theories posit that distortions in valuation processes, whilst negative reinforcement models posit that avoidance or regulation of negative internal states, are central in decisions to consume alcohol. Method: Pre-registered, cross-sectional design. Five hundred forty-six participants (≥ 18 years old) completed an online questionnaire which asked about their alcohol use and related problems, meaning in life, alcohol-free reinforcement, alcohol value, depressive symptoms, and drinking to cope motives. Results: Presence of meaning in life had a significant negative association with AUDIT scores (β = -.26, p < .001), but neither search for meaning in life nor total alcohol-free reinforcement were significant predictors (ps > .53). Subsequent path analyses using structural equation modelling revealed a significant indirect effect of presence of meaning in life on AUDIT scores through lower alcohol value (95% CI = -.17 to -.08) and drinking to cope (95% CI = -.07 to -.00). Although search for meaning in life was not a direct predictor of AUDIT scores, there was a significant indirect effect through greater drinking to cope (95% CI = .01 to .06). Conclusions: Presence of meaning in life predicts lower alcohol consumption indirectly via individual differences in alcohol value and drinking to cope. These findings provide insight into mechanisms that underpin the relationships between meaning in life and alcohol consumption.