Mindfulness interventions are becoming increasingly popular across a wide variety of clinical and non-clinical settings where they are often employed to promote psychological well-being. Mindfulness in its original context presented in Buddhist practice is used to systematically understand one’s moment-to-moment experience, and to gradually develop self-knowledge and wisdom. Buddhist teachings describe wisdom as seeing things just as they are - a requisite for the complete freedom from suffering. In psychological writings, although the construct of wisdom lacks a commonly accepted definition, direct experiential self-knowledge is considered to be an essential element of wisdom. The purpose of this article is to examine the three major trainings of the Buddhist path, as well as some of the key Buddhist theoretical constructs, in order to explore their contribution to the gradual development of experiential self-knowledge and wisdom. In Buddhist traditions, mindfulness is practised in the context of a moral and philosophical system, and the mind is described as a sequence of momentary mental states, each distinct and discrete, their connections with one another being causal. We explain how a clear understanding of mindfulness within the context of this broader theoretical framework can be helpful to individuals engaging in different levels of the mindfulness meditation practice, and how this understanding can result in more sustained outcomes for mindfulness interventions. Further explorations are made into how various barriers and motivators to mindfulness meditation can be better understood by linking the theoretical aspects with current research literature on mindfulness.