This article is an attempt to show the sources and ways of understanding wisdom in the field of psychology. Firstly wisdom is depicted as a phenomenon that has got its source and a specificway of understanding in the philosophy and theology. Subsequently paper presents a history of the development of the concept of wisdom in psychology. Next part refers to selected conceptsof wisdom proposed by leading authors such as Sternberg, Baltes and Labouvie-Vief. This background allows to present Ardelt’s Three Dimensional Wisdom Theory in which wisdom is a understood as a combination of cognitive, reflective and emotional (compassionate) components.