Telework has grown exponentially due to COVID-19, and has revealed itself as a useful work condition with a largely positive impact on employees’ well-being. Since many variables are involved in determining the relationships between telework and well-being, this paper clarifies the role of teleworkability, employees’ preference for telework, and telework intensity; specifically, how the first two variables impact on well-being through telework intensity. A systematic review was carried out between 2012 and 2022 to analyze how these variables relate. Scarce literature connecting these subjects showed that teleworkability and the preference for telework influence the amount of time employees wish to telework. Teleworkability and preference for telework need to be studied from a multilevel perspective since country-, company-, and individual-level characteristics impact on them. The results also confirmed that telework intensity establishes direct relationships with well-being, and it is essential to predict it. Hybrid work emerged as a new concept which captures the best combination between on-site work and telework. Based on their employees’ preferences, companies can introduce “hybrid-work flexible programs” to maximize its positive effects on well-being as well as being able to re-design their jobs to better fit their employees’ levels of telework expectations.