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Self-concept has been established as one of the most important constructs in the social sciences and as fundamental to psychological wellbeing. It is also an important mediating factor that facilitates the attainment of other desirable psychological, behavioral, and educational outcomes that underpin human potential. As such interventions that foster self-concept will also foster psychological wellbeing and influence desirable psychological and educational outcomes, whereas those that undermine self-concept are likely to have negative effects on these constructs. This paper provides psychologists with an overview of recent advances in selfconcept theory and research in order to inform their work with children, families, and schools. Firstly, theoretical advances in conceiving self-concept as a multidimensional hierarchical construct and associated developments of multidimensional instruments are summarized. Secondly, a rationale for the centrality of the self-concept construct for psychological wellbeing and findings from key research studies are presented to identify important directions in research and practice, as well as the salience of the self-concept construct for wellbeing. Finally, based on a synthesis of the findings from this article, the implications of this body of research for theory, research, and practice are discussed.