Abstract This study aims to establish process‐level benchmarks linking Mesoscale Convective Systems (MCSs) at various stages of their life cycle to their thermodynamic environment. The relationship between MCS precipitation and an empirical buoyancy measure (BL ${mathrm{B} }{L}$) is examined using collocated satellite‐observed MCS tracks and reanalysis data. A positive relationship is identified between the frequency of tropical MCSs and that of high BL ${mathrm{B} }{L}$ conditions. The buoyancy measure, integrating instability and entrainment, helps elucidate thermodynamic characteristics throughout the MCS life cycle. Environments with high instability and moderate subsaturation are frequently linked to the initial stage, while environments with low instability and near saturation are frequently linked to the mature stage. Stable and highly subsaturated environments are more likely associated with the termination of the life cycle. These associations are qualitatively similar for oceanic and land MCSs. Overall, the MCS‐environment relationships can serve as observational benchmarks with which to diagnose MCS‐resolving models.