This paper provides a framework that elaborates on four conceptualizations of work‐family balance: additive spillover (unique effects of bi‐directional conflict and enrichment), multiplicative spillover (interactive effects of lower conflict with higher enrichment), balance satisfaction (one's attitude toward resource allocation across work and family roles) and balance effectiveness (one's interdependent self‐evaluation of meeting shared expectations across work and family roles). We describe the conceptual differences among these approaches and hypothesize how they operate differently in predicting work and family attitudes and performance. Relative weights analyses showed that additive spillover was the most important predictor of work attitudes (organizational commitment, job satisfaction, and turnover intent), followed by balance satisfaction and effectiveness. However, balance satisfaction and effectiveness together were the most important predictors of family satisfaction and job and family performance. Mediation tests revealed that unique and interactive effects of bidirectional conflict and enrichment related to work and family attitudes and performance indirectly through balance satisfaction and effectiveness. We discuss implications of these findings and offer suggestions to guide future research and theory on work‐family balance.