Objective The objective of the current study was to explore what factors might impact the psychological wellbeing of adult, Australian professional actors. Method Twenty South Australian actors were recruited using purposive and snowball sampling. Ten were male and 10 female, ranging in age from 22 to 66 years old, with self‐reported professional experience ranging from 1 to 50 years. The participants were interviewed in‐depth about their experiences of being an actor, with a particular focus on wellbeing, and the data were analysed using thematic analysis, with numerous checks in place for methodological rigour. Results Two broad categories of themes were established; environmental and personal factors. Environmental factors included power, lifestyle, fringe‐dwelling, engagement, the tribe, and taking care of yourself. Personal factors included pursuit, strengths, the calling, precariousness and looking within. Conclusions Themes were considered in terms of contemporary wellbeing theory, along with clinical implications relating to the Diagnostic and Statistical Manual of Mental Disorders, 5th edition (DSM5). Findings included: actors experience a range of threats to wellbeing, such as problems with autonomy, lack of environmental mastery, complex interpersonal relationships and high self‐criticism. Factors facilitating wellbeing include ongoing personal growth and a sense of purpose. The findings also suggest that actors are vulnerable to depression, generalised anxiety symptoms, vicarious trauma, and perfectionism.