The purpose of this study is to empirically identify the influence of character strengths on depression and satisfaction with life among undergraduates during the COVID-19 pandemic and to examine the mediating effect of posttraumatic growth on the relationship between character strengths and depression and satisfaction with life. Data of 584 undergraduates who reported perceived stress related to the COVID-19 pandemic were analyzed. In this study, gratitude, kindness, prudence, integrity, and citizenship were ranked as the top 5 strengths. Compared to the top 5 strengths (love, kindness, optimism, gratitude, and integrity) before the COVID-19 pandemic, the ranking of prudence and citizenship had risen. The strength that most significantly explained depression was optimism, and the relationship between optimism and depression was partially mediated by posttraumatic growth. The strength that most significantly explained satisfaction with life was vitality, and the relationship between vitality and satisfaction with life was partially mediated by posttraumatic growth. These findings suggested that optimism and vitality had a direct effect on depression and satisfaction with life, but also an indirect effect on them through posttraumatic growth. Finally, the study limitations and suggestions for further research were discussed.