Objective Addressing the continued health disparities between Australia's Indigenous and non‐Indigenous peoples requires a multi‐sector approach in which the discipline of psychology has a central role. These disparities are partially driven by a lack of culturally appropriate methods of health delivery. This study aimed to explore urban Aboriginal and Torres Strait Islanders’ perceptions of health and wellbeing through social emotional wellbeing and strengths‐based frameworks. Methods A qualitative study was conducted with 19 urban Australian Aboriginal and Torres Strait Islander people. Data was collected via individual semi‐structured interviews and focus groups. Thematic analysis was conducted to identify strengths‐based themes within the data. Results Several attributes and values emerged from participants’ understandings of enhancing mental health and wellbeing. These included acceptance, respect, forgiveness and integrity, honesty, courage, empathy, mindfulness, and spirituality. Conclusions There are similarities between the central tenets of the strengths‐ and values‐based frameworks and a model of social emotional wellbeing. It is important to note that these attributes and values are understood at the individual, community, and cultural level. Each of these attributes and values are intricately linked to being mentally healthy and having strong cultural identity. These similarities may provide an avenue for shared cross‐cultural understandings and knowledges of mental health and wellbeing that will support culturally appropriate service delivery.