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Background: There are limited comprehensive descriptions of character strengths and virtues specific to the professional identity formation of medical students in the literature. This absence of a satisfactory summation of virtues has stimulated us to attempt a conceptual framework utilizing a tripartite taxonomy. This taxonomy reflects recent interest in and importance of justice and care of the self., Methods: Our taxonomy is grounded within a perennial tradition of medical ethics that focuses on the moral "excellences" or "virtues" that form the character of a good doctor, as acquired over time within a community of practice. Character refers to the whole set of excellences of a practitioner as a member of the medical community., Results: We propose a tripartite taxonomical classification of virtues as Other-Regarding Virtues, Self-Regarding Virtues, and Equal-Regarding Virtues. Though synergistic, each category is readily distinguishable with regard to a fundamental mindset. To thrive, a medical student must develop character strengths that encompass all three categories., Conclusions: Our goal in introducing this tripartite taxonomy is to provide a framework of virtues to contribute to the definition of professional identity. We envision the taxonomy will provide a structure for professional identity formation curriculum development and organize the ever-elusive assessment of professionalism in learners. This taxonomy can also be viewed as an aspirational roadmap for practicing physicians and educators, and as a compass for their daily consciousness. We believe that this taxonomy will enhance the well-being and development of physicians and medical students, and the patients in their care., (© 2024. The Author(s).)