To explore the relationship between meaning in life and vulnerability to crisis among undergraduate nursing students and the chain mediating effect between moral values identification and positive psychological capital (PsyCap). A total of 330 undergraduate nursing students majoring in traditional Chinese medicine in ethnic minority areas of Yunnan Province were administered the Meaning in Life Questionnaire, Moral Values Identification Identity Questionnaire, Positive PsyCap Questionnaire, and Crisis Vulnerability Scale. Meaning in life was negatively correlated with crisis vulnerability and positively correlated with moral values identification and positive PsyCap. Crisis vulnerability was negatively correlated with moral values and positive PsyCap. Moral values was positively correlated with positive PsyCap. Chain mediation effect analysis demonstrated that meaning in life cannot directly predict crisis vulnerability, but it can predict crisis vulnerability through 3 indirect paths: the mediating role of moral values identification, the mediating role of positive PsyCap, and the chain mediating role of moral values identification and positive PsyCap. Meaning in life can indirectly reduce crisis vulnerability among undergraduate nursing students by enhancing moral values identification and positive PsyCap.