Character strengths are an important foundation for positive development and thriving in adolescence. Most research on character strengths has been conducted with youths in Western cultures. We examined character strengths in relation to positive and negative well-being indicators in a sample of Iranian youths. We investigated the reliability and validity of the Farsi version of the Values in Action Inventory of Strengths for Youth (VIA Y-96)--a self-report survey commonly used in Western contexts. Participants were adolescents in Iran (N = 1,359; 48.5% female; M age = 13.54, SD = 1.00) who completed the VIA Y-96 and questionnaires assessing life satisfaction, positive/negative experiences, depression, anxiety, and stress. We found that reliability coefficients were acceptable for most of the VIA subscales. A confirmatory factor analysis (CFA), as well as a second-order CFA, supported the construct validity of the Farsi VIA Y-96. Correlations between the character strengths and positive and negative well-being indicators supported convergent validity. Measurement invariance for the VIA Y-96 was established in this study comparing boys' and girls' response patterns. Sex and grade level differences were found for some of the subscales. Overall, the Farsi VIA Y-96 had acceptable psychometric properties, suggesting that it can be used in research on character strengths with Iranian youths.