Wisdom is often considered to be the pinnacle of human development. Though it is universally cherished, it is unclear whether the concept of wisdom can be applied similarly across cultures. We review the emerging research on this topic, exploring extant scholarly definitions, portrayals of wisdom in the world’s philosophies, folk beliefs concerning wisdom and its development, and empirical insights evaluating expression of wisdom-related characteristics. There appears to be a large amount of convergence in scholarly and cross-cultural folk concepts, suggesting that wisdom involves certain aspects of pragmatic reasoning, with less clarity concerning emotion regulatory and prosocial aspects of wisdom. Folk beliefs about wisdom vary across cultures in the degree to which they emphasize social components and characterize development of wisdom as an incremental ability (vs. an immutable entity). Cultures also vary in the likelihood of expressing wisdom. We conclude by calling for a culturally-grounded understanding of the distribution and function of wisdom-related psychological phenomena.