<p>Mindset theory proposes that perfectionism is associated with a fixed mindset, but little research has studied this question. First, we reviewed the published literature (<i>k</i> = 8). Contrary to popular advice previously communicated to the public, perfectionistic standards were positively linked to an incremental theory and a growth mindset (rather than to an entity/fixed theory). Using a recently developed theory—the Model of Excellencism and Perfectionism—we conducted two studies to reexamine these unexpected findings. Based on mindset theory, we hypothesized that an entity/fixed theory about both intelligence and failure should be positively associated with perfectionism and negatively associated with excellencism. In Study 1 (<i>n</i> = 153), we also investigated the differential associations of excellencism and perfectionism with adaptive outcomes positively linked to a growth mindset (e.g., optimism, resilience, goal progress). In Study 2 (<i>n</i> = 290), we complemented our primary analyses by examining rumination after making a small and a big mistake in schoolwork. Results of multivariate multiple regressions supported our hypotheses and previous assumptions from mindset theory. These results reconcile perfectionism with mindset theories while contributing to an emergent line of thinking showing that excellencism (rather than perfectionism) is positively linked to resilience, success, and wellness.</p>