Narrowing the debate about the meaning of wisdom requires two different understandings of wisdom. (a) As action or behaviour, wisdom refers to well-motivated actors achieving an altruistic outcome by creatively and successfully solving problems. (b) As a psychological trait, wisdom refers to a global psychological quality that engages intellectual ability, prior knowledge and experience in a way that integrates virtue and wit, and is acquired through life experience and continued practice. Thus, we propose a two-dimensional theory of wisdom that integrates virtue and wit. Wisdom can be further divided into “humane wisdom” and “natural wisdom” according to the types of capability required. At the same time, we propose that wisdom classification should integrate the views of Sternberg and Wang and be divided into three types: domain-specific wisdom, domain-general wisdom, and omniscient/ overall wisdom. We then discuss three pressing questions about wisdom, and consider five issues important to the future of wisdom research in psychology.