In this study we combine variables that make our lives most worth living with the fear of being laughed at. Peterson and Seligman (Character Strengths and Virtues: A Handbook and Classification, American Psychological Association, 2004) suggested a classification of 24 strengths of character and six virtues. The virtues are universally evaluated positively across different countries and cultures. A sample of N = 346 participants allowed the examination of correlations between self- and peer-reported character strengths and gelotophobia. The results indicate that gelotophobia is negatively related to overall virtuousness in self-reports and in the same direction but less so in peer-reports. The rank-order of the character strengths showed that mainly modesty and prudence (both of the virtue of temperance) were positively correlated with gelotophobia (this was also supported by peer-reports). Gelotophobia was mainly negatively related to hope/optimism, curiosity, bravery, love, and zest. The analysis of mean score differences revealed that in some cases the mean scores for the peer-reports of character strengths were higher for the highest scoring gelotophobes than for the less gelotophobic and even lower or equal to the mean scores of the non-gelotophobes. This unexpected finding cannot be fully explained and needs to be addressed in follow-up studies. The results of the study clearly indicate that it is worthwhile to study gelotophobia in its relation to variables of positive psychological functioning.