Innovators of in vitro meat (IVM) are convinced that this approach is the solution for problems related to current meat production and consumption, especially regarding animal welfare and environmental issues. However, the production conditions have yet to be fully clarified and there is still a lack of ethical discourses and critical debates on IVM. In consequence, discussion about the ethical justifiability and desirability of IVM remains hypothetical and we have to question those promises. This paper addresses the complex ethical aspects associated with IVM and the questions of whether, and under what conditions, the production of IVM represents an ethically justifiable solution for existing problems, especially in view of animal welfare, the environment, and society. There are particular hopes regarding the benefits that IVM could bring to animal welfare and the environment, but there are also strong doubts about their ethical benefits.