College is a significant time for moral development. This research examines how undergraduate students at two U.S. universities, one faith-based and one independent, understand the meaning of living an ethical or moral life. Findings reveal that moral and ethical questions are relevant to students’ lives and suggest that many have a fairly well-developed sense of moral identity. Because of the relationship between moral identity and moral action, understanding the meaning college students make of living a moral or ethical life illuminates the grounding of their participation as citizens of our democratic and pluralistic society.