In this article, we review new insights gained from recent longitudinal studies examining the development of self-esteem and its influence on important life outcomes. The evidence supports the following three conclusions. First, self-esteem increases from adolescence to middle adulthood, peaks at about age 50 to 60 years, and then decreases at an accelerating pace into old age; moreover, there are no cohort differences in the self-esteem trajectory from adolescence to old age. Second, self-esteem is a relatively stable, but by no means immutable, trait; individuals with relatively high (or low) self-esteem at one stage of life are likely to have relatively high (or low) self-esteem decades later. Third, high self-esteem prospectively predicts success and well-being in life domains such as relationships, work, and health. Given the increasing evidence that self-esteem has important real-world consequences, the topic of self-esteem development is of considerable societal significance.