Internet addiction (IA) has increasingly been recognized as a serious psychological malady among college students. Impulsivity has been shown to be associated to addictive behaviors, also to IA, and that the purpose of the study is to investigate whether or not there are variables modulating the relation between impulsivity and IA. "Meaning in life" is regarded as a desirable attribute, with positive mental health outcomes. "Self-esteem" is often regarded as an important component of psychological health which has relation to IA. Therefore, we examined meaning in life and self-esteem's possible effects in this relationship. A total of 1068 Chinese college students ranging in age from 18 to 25 years were recruited for this cross-sectional survey study. Correlations and multivariate regressions were used to calculate the possible mediation and moderation relationship among the variables of meaning in life, self-esteem, impulsivity, and IA. In the analyses that we conducted, IA was shown to be prevalent among Chinese university students. The relationship between impulsivity and IA was partially mediated by meaning in life, and the relationship between meaning in life and IA was moderated by self-esteem. Our findings demonstrate that meaning in life and self-esteem can be useful buffers to IA for highly impulsive individuals. Further randomized trials to confirm these results are needed.