Abstract: Objective To explore the relationship between materialistic values and depression in medical students. Methods A random sample of 1158 college students from a medical university in Guangdong Province was investigated using the materialism tendency scale (MTS), the simplified version of purpose in life test (PIL-SF) and the patient health questionnaire (PHQ-9). Results The survey showed that 17.33% of the students had obvious depressive symptoms. A negative correlation was found between the materialistic values and the meaning in life (r=-0.229, P<0.01) in these students; materialistic values were positively correlated with depression (r=0.246, P<0.01), and the meaning in life was negatively correlated with depression (r=-0.476, P<0.01). Meaning in life mediated the relationship between materialistic values and depression, which accounted for 41.2% of the total effects. Conclusion Meaning in life partially mediates the relationship between materialistic values and depression.