This study explores how master's students perceive their research experiences and interpret the concept of research. Master's education has been regarded as a steppingstone for doctoral study for several decades in many higher education systems; however, the meaning of 'master' has transformed academically and socially. Accordingly, the research requirement in many master's programmes has become flexible or been replaced by other learning outcomes. This raises the question: what meanings do 'thesis' and 'research' have in the context of master's education? In this study, we interviewed 73 master's students from various universities and fields of study in Hong Kong to explore their perceptions of research. The thematic analysis showed that research was interpreted via multiple perspectives among the master's students, such as learning outcomes, learning processes, and separate tasks. Three themes, namely eligibility, accountability, and agency, were identified as key elements of writing a thesis and understanding the research. The interpretations of research varied according to aspects of the students' backgrounds, such as their academic discipline and work experience. Most importantly, research supervision was found to play a central role in shaping the students' perceptions of research. This study suggests how research can be meaningfully integrated into today's master's education.