Self-transcendence (ST) is a construct found in most of the world’s major religions, including the Buddhist, Judeo-Christian, and Islamic traditions. It has received more attention in the psychological literature in the past few decades. We reviewed the definitions of ST, and identified a number of unifying themes, including: the recognition of universalism and the interconnectedness of humankind and nature; a willingness to subsume egocentric desires for the greater good of others; and liberation from external definitions of the self, often leading to inner peace, joy, and a sense of wonder. We also reviewed similarities and differences across measures of ST. In general, ST is modestly correlated with other measures of wisdom, but has a unique profile of positive associations with health and well-being, including better physical and mental health, emotions, social support, and spirituality, although causal directionality could not be determined from these largely cross-sectional studies. Less is known about how ST develops, with possible pathways including stress-related growth and purposive development, either in religious/contemplative contexts or in the pursuit of larger goals. We hypothesized that the social context plays a large role in the individual development of ST, which is perhaps better termed ego-transcendence.