Abstract This paper explores how meaningful work is conceptualised by recent graduates. Whilst the imperative to maximise economic returns from higher education (HE) endures in HE policy, less attention is given to how meaningful work is and its relationship to values and identities. Based on a qualitative study with recent graduates in the United Kingdom, the findings show that graduates' conceptions of meaningful work centre on three, often interconnected, dimensions: meaning in the work itself as an expression of self and a vehicle for self‐actualisation; meaning at work through the context of a working relationship and social relatedness; and meaning from work as a set of perceived societal outcomes. These dimensions emerge as crucial in how graduates frame the value of work and provide a motivational and affective heuristic through which they define what is of value in present and future work. The precarious socio‐economic context reinforces the need to achieve meaningful work and shapes the alignment between desired and achievable future selves. There are significant educational and workplace implications for those on both sides of the HE/work nexus. Crucially, there is a need for HE institutions, work organisations and public policy to find ways of supporting graduates to identify and pursue meaningful work.