Research in psychology and organizational behavior has made substantial progress in understanding what affects employee health and well‐being. In this review article, we describe how characteristics of individual workplaces (job resources, job stressors), interpersonal and teamwork factors, leadership, and specific employee behaviors contribute to health and well‐being. We summarize findings from intervention research and discuss how health and well‐being, in turn, predict perceived work characteristics and behavior at work. We highlight emerging topics in the field (job‐related health and well‐being during the COVID‐19 pandemic, technology‐enabled connectivity to work, micro‐interventions, dynamism in health and well‐being). We include a cross‐cultural and international perspective and address issues related to diversity and inclusion in organizations. We provide suggestions on how research can proceed in the future and point to practical implications that can improve employee health and well‐being.