Background Self‐compassion describes a positive and caring attitude of a person toward her‐ or himself in the face of failures and individual shortcomings. As a result of this caring attitude, individuals high in self‐compassion are assumed to experience higher individual well‐being. The present meta‐analysis examines the relationship between self‐compassion and different forms of well‐being. Method The authors combined k = 79 samples, with an overall sample size of N = 16,416, and analyzed the central tendencies of effect sizes (Pearson correlation coefficients) with a random‐effect model. Results We found an overall magnitude of the relationship between self‐compassion and well‐being of r = .47. The relationship was stronger for cognitive and psychological well‐being compared to affective well‐being. Sample characteristics and self‐esteem were tested as potential moderators. In addition, a subsample of studies indicated a causal effect of self‐compassion on well‐being. Conclusions The results clearly highlight the importance of self‐compassion for individuals’ well‐being. Future research should further investigate the relationship between self‐compassion and the different forms of well‐being, and focus on the examination of possible additional moderators.