The purpose of the present research was to compare identity and life regard in the students of performing arts and students of other fields of art. The method was survey research. The population of the research consisted of all the art students of the University of Tehran's Faculty of Fine Arts and Tehran schools of cinema. The participants were randomly selected from the students of painting, photography, graphics, and sculpting. The instruments of the research were Measure of Ego Identity Status (OMEIS) and Batista's Life Regard Index (LRI). From the 150 questionnaires that were returned, 76 questionnaires were confirmed as valid and the students were divided into two groups of 38 subjects students of performing arts and students of other fields of art. Among the samples, 23.7% had identity foreclosure, 38.2% had identity moratorium, 36.8% had identity diffusion, and 36.8% had identity achievement. The mean scores of the students of performing arts in life regard and the subscales of framework and fulfillment were significantly higher than the students of other fields of art with 99% confidence coefficient. Moreover, the two groups showed no significant relationship in terms of identity formation and its subscales at 95% confidence interval. It is thus necessary and recommended to examine the dimensions of meaning of life as the most important measure of mental health, especially in students. It is imperative for educational officials, experts, and practitioners to pay attention to this issue in planning for promotion of mental health.