This chapter aims to further understand the contemporary accounts of wisdom in practice by examining their philosophical origins in Aristotle’s account of wisdom, conceptualized under two notions: phronēsis and sophia. These notions are used in current psychological wisdom research, but often with varying meanings. Aristotle discusses wisdom as a part of his virtue ethics as a question of how reason can best guide a person to lead a good life. Based on the previous readings, this chapter suggests that wisdom can be put into practice either prioritizing practical wisdom or theoretical wisdom. These both ways of life need to be grounded in morally good character but have different aims. Practical wisdom is understood as an intellectual readiness to see the morally salient features of a given situation and to respond them appropriately while aiming for common good. Sophia is excellent use of theoretical reason and offers a comprehensive understanding of the intelligible structures of reality. The current psychological wisdom research leans towards phronēsis. The elements that in Aristotle’s account are related to moral virtues, such as emotion regulation and moral grounding, are typically taken into account but more consideration is called for. Sophia has received less attention, and the concept is used in varying meanings that often differ from Aristotle’s original account. This chapter provides an analysis of some of these varying meanings, which suggest a strong association between sophia and self-transcendence. The chapter concludes with a discussion on some implications for higher education.