Although there is a vast literature on the concept of well‐being, there appears to be no consensus regarding its meaning. A clear conceptualization of adolescent well‐being is necessary as the foundation for interventions and research addressing this phenomenon. Adolescence is a transitional period characterized by rapid growth, gaining independence, and learning social skills as well as behaviours that lay the foundations for future well‐being. Therefore, the purpose of this paper was to analyse the concept of adolescent well‐being and identify its attributes, antecedents, and empirical referents based on the literature. The Walker and Avant (2019) method was used. Ninety‐four articles were included in the final review. The defining attributes of adolescent well‐being were identified as autonomy, connectedness, optimism and competency. The antecedents were grouped under internal and external factors. Internal factors included the behavioural, physical, psychological, and spiritual domains. External factors included the environmental, economic, education, leisure, social, and safety as well as security domains. For the adolescent to reach well‐being, all these domains must be present, albeit, the social domain was highly stressed. The consequences of adolescent well‐being included eudaimonia, having high resilience as well as low risk‐taking behaviours and delinquency. Empirical referents were discussed in terms of ways of measuring the defining attributes. Stemming from the eudaimonic perspective, to promote adolescent well‐being, care providers need to integrate in education, practice, and research the importance of establishing positive relations and connectedness, to enhance adolescent autonomy and optimism and assist them to grow into competent and self‐fulfilled beings.