This article investigates the role of wisdom in management decision-making. In one of the first empirical studies investigating wisdom and management, 37 CEOs, top managers, and senior executives were interviewed about their perspectives on the concept of wisdom in the business context and its role in management decision-making; the data were analyzed using grounded theory methodology. The findings introduce a grounded construct of Wise Management Decision-making, in which wise decision-making is understood as an integrated cogni-emotional, reflective process that accounts for internal and external conditions related to the decision, which is made with the well-being of the greatest number of stakeholders in mind. The findings both confirm and challenge previous conceptual studies of wisdom and provide a practical approach to wise management decision-making. The implications of this study are significant as they broaden the view of the practicability of wisdom in management and add greater understanding of the complex nature of decision-making in the business context. For managers, developing wise decision-making abilities in situ should be considered an integrated and multidimensional practice, one that can be learned.