We hypothesized that gelotophobia (the fear of being laughed at), gelotophilia (the joy of being laughed at), and katagelasticism (the joy of laughing at others) relate differently to character strengths. In Study 1 (N = 5,134), self-assessed gelotophobia was primarily negatively related to strengths (especially to lower hope, zest, and love), whereas only modesty yielded positive relations. Gelotophilia demonstrated mainly positive relations with humor, zest, and social intelligence. Katagelasticism existed widely unrelated from character strengths with humor demonstrating the comparatively highest coefficients. Study 2 consisted of N = 249 participants who provided self- and peer-ratings of strengths and self-reports on the three dispositions. The results converged well with those from Study 1. When comparing self- and peer-reports, those higher in gelotophobia under-estimated and those higher in gelotophilia over-estimated their virtuousness, whereas those higher in katagelasticism seemed to have a realistic appraisal of their strengths. Peer-rated (low) hope and modesty contributed to the prediction of gelotophobia beyond self-reports. The same was true for low modesty, creativity, low bravery, and authenticity for gelotophilia and for low love of learning regarding katagelasticism. Results suggest that there is a stable relation between the way people deal with ridicule and laughing and their virtuousness.