The present study investigates teleworker's work‐home boundary dynamics during the COVID‐19 lockdown and relates them to work‐related well‐being outcomes such as work engagement and exhaustion. Latent profile analyses were conducted in a sample of 375 employees using six boundary characteristics (i.e. work‐ and home‐directed flexibility‐ability, flexibility‐willingness, and boundary permeability) as profile indicators. Four profiles, interpreted as boundary management styles, were identified: home‐protective, work‐protective, segregative, and integrative. They were shaped by a set of demographic and work characteristics and were also subject to adjustments over time. Subsequent latent transition analyses revealed relatively high within‐person profile stability among employees with the integrative and segregative profiles, whereas those with the home‐ or work‐protective profile were likely to switch into the segregative profile four months later. In terms of employee outcomes, the identified boundary management profiles differentiated well between the initial levels of work engagement but not exhaustion. The integrators demonstrated the highest initial well‐being, but this profile was also associated with a significant loss of engagement. In addition, profile transition scenarios were associated with the dynamics of well‐being over time. Theoretical and practical implications for managing the work‐home interface during the pandemic and beyond are discussed based on these findings.