Research on leadership development in organizations is abundant, as are the resources invested in developing their leaders. Although rarely made explicit, much of this writing and activity is driven by functionalist assumptions, with a primary concern for good design and enhanced corporate performance. Given the politically sensitive, culturally complex and institutionally embedded nature of leadership, as well as controversy over the way leadership itself is best defined and developed, the author argues that this reliance on a single perspective is potentially limiting. The aim of this paper is to enhance leadership development practice in organizations by proposing a fresh and theoretically informed approach for exploring the multiple meanings of leadership development. This is done, first, by clarifying the discursive assumptions underlying studies in this field and revealing the distinctive insights that arise from functionalist, interpretive, dialogic and critical discourses of leadership development; and second, by exploring how each of these discourses, or ‘readings’, might promote quite different approaches to leadership development in organizations.