We propose an integrated model of leadership potential, the high‐potential designation process, and leader success that is intended to clarify the theoretical and practical relationships among these concepts. Drawing on research in the areas of social judgment and cognition, cognitive abilities, personality, leadership development, and motivation and on practice‐oriented observations and writings, we propose a process model of potential, the designation of individuals as high potential, and the antecedent and moderating variables that combine to impact success. We conclude that by using this model we can understand better the individual, social, and organizational factors that impact potential and the high‐potential identification process, and help develop more successful leaders and organizations.