The article takes problems of the period of adolescence as a particular stage of life in which young people seek a  sense of their existence and create their hierarchy of values. The author starts by discussing the feeling of sense of life issues and relationship to values which are presented in many different ways in psychological literature. The concept of Viktor Emil Frankl – the creator of the logotherapy - will be emphasized here, because it was the inspiration for the author`s research study. The next chapter will present the developmental factors in the experience of the meaning of life with particular focus on adolescence as a period of stabilizing the formation of identity, the crystallization of attitudes and beliefs, and finally the creation of personality. Then the author will take the issues of existential emptiness and neurosis called by Frankl “noogenical” as examples of failures in the search for sense in young people`s life. In the next chapter, the author will present both Polish and international researches on issues of values among young people. The last part of the article focuses on author`s international Polish-Italian comparative research on the sense of life and attitude to values of the humanistic faculties’ students. The surprising results of this study allowed the reflections and conclusions that have not confirmed Frankl’s concept and the factors that help or make harder young people find the sense and purpose of life.