Previous research has investigated associations between psychedelic experiences and meditation practice, but knowledge gaps remain. Using a longitudinal research design with a sample of US residents between 18 and 50 years old (N = 13,012), we investigated associations between psychedelic-related and meditation-related variables. The follow-up survey was completed by 7484 respondents, of whom 336 reported psychedelic use during the two-month study. In covariate-adjusted regression models, psychedelic use was associated with greater increases in the number of days of mindfulness and loving-kindness or compassion meditation practice in the past week, especially among those with no prior experience of psychedelics or meditation. Among those who reported psychedelic use, trait mindfulness and trait self-compassion at baseline were associated with less severe challenging psychedelic experiences, as well as lower odds of psychedelic-occasioned thoughts or attempts of self- or other-harm. However, among those who practiced meditation at baseline, psychedelic use was associated with greater increases in past-week frequency of loving-kindness or compassion meditation-related difficulties and impairments. Future research is warranted.