In this study, we aimed to examine the factors that contribute to the formation of a sense of authenticity and the process by which a sense of authenticity is formed. First, we examined the relationship between a sense of authenticity and a sense of superiority in relation to psychological well-being among 221 university students. The results showed that a sense of authenticity is more significant for psychological well-being than a sense of superiority and helps form adaptive self-esteem. In addition, the results of the study regarding how to make meaning from past experiences show that reconsidering experiences has a positive impact on the establishment of identity. Second, interviews were conducted with 10 university students and analyzed using Trajectory Equifinality Model (TEM). As a result, we found that there are four factors that contribute to the formation of a sense of authenticity awareness of one’s true self, forming one’s own identity based on personal value standards, struggling with one’s inner self, and breaking free from the “captivity” of clinging beliefs. Thus, we suggest that these are the factors and processes that lead to the formation of a sense of authenticity.