This chapter reviews psychological theories of wisdom. At a global level, the chapter is divided into two main parts. The first part of the chapter reviews the major theories. The chapter opens with a brief consideration of work on implicit theories of wisdom that may have motivated some of the work on explicit theories. The chapter then reviews explicit psychological theories, in particular, the Berlin wisdom model, Sternberg’s balance theory, Ardelt’s three-dimensional model, Webster H.E.R.O.(E) model, Levenson and Aldwin’s self-transcendence model, Karami and colleagues’ polyhedron model, and Grossmann and colleagues’ common-denominator model. The second part of the chapter seeks to place the various theories into a general theoretical framework, which Sternberg and Karami referred to as a 6P framework, expanding upon Rhodes’s 4P framework for creativity. The 6Ps are purpose, press, problem, person, process, and product. All of the wisdom theories can be viewed as dealing with some, but not all of the 6Ps. The final part of the chapter draws brief conclusions, pointing out that wisdom is extremely important to society today and that psychological theories can help us understand what wisdom is and what its place in society can and should be.