Ikigai is a Japanese word often used to describe “one’s reason for living.” Numerous popular press books have been written about this expression of well-being, but a consistent definition continues to elude scholars. The current work presents an extensive review of the published works on ikigai and has three aims. The first is to review the concept of ikigai and its connections with the positive psychology literature, specifically research on meaning and purpose. The second is to offer an accurate, evidence-informed definition of ikigai to direct further theoretical and measurement efforts. Third, the current work aims to offer preliminary ideas for interventions that may be useful in cultivating ikigai. The review highlights three themes: (i) ikigai complements but is distinct from conceptualizations of meaning in life (MIL), (ii) the presence of ikigai, like the presence of MIL, is associated with well-being and longevity, and (iii), ikigai revolves around having personally-valued experiences (keiken), and these experiences are facilitated by authentic relationships (ibasho) and a sense of life directionality (houkousei). This review offers an evidence-informed definition of ikigai from the psychological literature, theoretical implications for research, and preliminary suggestions for interventions to help individuals recognize experiences that make life worth living.