Abstract. Some folk beliefs characterize wisdom as an essence – a set of immutable characteristics, developing as a consequence of an innate potential and extraordinary life experiences. Emerging empirical scholarship involving experiments, diary, and cross-cultural studies contradicts such folk beliefs. Characteristics of wise thinking, which include intellectual humility, recognition of uncertainty and change, consideration of different perspectives, and integration of these perspectives, is highly variable across situations. Cumulatively, empirical research suggests that variability in wise thinking is systematic, with greater wisdom in ecological and experimentally-induced contexts promoting an ego-decentered (vs. egocentric) viewpoint. Moreover, teaching for wisdom benefits from appreciation of context-dependency of intentions and actions depicted in the narratives of wisdom exemplars’ lives. I conclude by advancing a constructivist model of wisdom, suggesting that cultural-historical, personal-motivational, and situational contexts play a critical role for wisdom, its development, and its application in daily life.