The authors provide an up‐to‐date theoretically based qualitative review of research dealing with the relationship between HRM, employee well‐being, and individual/organisational performance (HRM‐WB‐IOP research). The review is based on a systematic critical analysis of all HRM‐WB‐IOP studies (N = 46) published in 13 core HRM and management journals in the 2000 to 2018 period. The authors first identify different theoretical models of the HRM‐WB‐IOP relationship, which they then use to map research in the area. The results show that mutual gains conceptualisations play a dominant role in extant HRM‐WB‐IOP research, at the expense of alternative conflicting outcomes and mutual losses models, which are also shown to receive very limited empirical support across the 46 studies. As part of this mapping exercise, the authors identify important knowledge gaps in the area and conclude by setting out a number of key recommendations for future research to address these gaps.