While there is substantial evidence regarding the role of generalized self‐esteem and identity deficits as potential antecedents of materialism, the exact nature of the domains from which such self‐esteem deficits (that breeds materialism) emanate has remained unexplored. Moreover, there is scant research attention on intrinsically oriented contingent self‐esteem and how it relates to materialism. The present study investigated contingent self‐esteem in extrinsic domains as antecedents of materialism. It was shown that extrinsic and intrinsic forms of contingent self‐esteem relate differently with materialism such that intrinsically contingent self‐esteem is incompatible with materialistic attitudes. Study 1 (N = 231 Singaporean adults) furnished cross‐sectional evidence that extrinsically oriented contingent self‐esteem positively predicts materialism. Study 2 (N = 206 undergraduates from a public university in Singapore) found that intrinsically oriented contingent self‐esteem is negatively related to materialism. Study 3 (N = 105 Singaporean undergraduates) showed that experimental induction of extrinsic and intrinsic contingent self‐esteem leads to higher or lower materialism among participants respectively. The findings advance understanding on the self‐esteem‐materialism link by showing how the domain‐specific view of self‐esteem has the potential to promote or discourage materialism based on whether self‐esteem is anchored to external or internal domains. Recommendations for intervention researchers and practitioners are proposed.