Objectives: Research on what matters most to people with dementia is crucial for developing tailored interventions and support. This study explored how people with dementia experience their everyday lives, providing insight into what is important to them to live the best they can at home. Methods: Inspired by a phenomenological approach, open interviews were conducted with 15 people with dementia, supplemented by home tours and walking interviews. Data collection included one to three sessions per participant. Data were analysed using descriptive content analysis and followed the phases of open, axial, and selective coding. A co‐researcher group of seven people with dementia was consulted during the analysis to help interpret the emergent findings. Findings: Six dimensions of what matters most in everyday life were identified: 1) Engaging in meaningful activities, which included routines, household chores, leisure, day activities, and volunteering or work; 2) Keeping a sense of connection, in relationships within the home, with family, friends, groups, and the neighbourhood; 3) Having a sense of belonging, which included attachments inside and outside the home, and to cherished objects; 4) Connecting to self, which included the ability to reflect on past experiences, live in the present moment and anticipate the future; 5) Adjusting to ongoing changes, which included alterations in sensory perceptions, perceptions of the physical environment, and navigating shifts in interpersonal dynamics; 6) Being open to help and support, from professionals, community and society. Conclusions: For people with dementia, everyday life is a continuous balancing act between what matters most and what can be achieved daily. This is not only related to dementia but is also embedded in the wider perspective of life history, relational networks, and the physical environment. This study highlights the importance of identifying what matters most to people with dementia to provide person‐centred support. Key Points: A shift from a care‐based approach to the lens of everyday life changes the focus to facilitating and enhancing what matters most to people with dementia in their everyday lives.The engagement of a group of people living with dementia and their input into analysis enriches the study's findings, adding an additional level of understanding and authenticity. This is not only of methodological importance in dementia research, but also a way to put people with dementia centre stage in the research process.Living with dementia is a continuum which necessitates individuals to constantly adapt and negotiate with everyday changes. What this study adds is how people construct their past through their contemporary understanding. This life story can be a source of connection and continuity but can also be a source of painful life experiences.The six dimensions of everyday life identified by people with dementia provide a potential framework for designing psychosocial interventions. [ABSTRACT FROM AUTHOR]