After nearly a century of development, gifted education has evolved into a complex educational discipline with well thought out pedagogy and research agendas. However, while the number of studies escalates, the field as a whole has been criticized for producing fragmented and piecemeal results. One of the reasons for these shortfalls is that the field has invested little in meta-theoretical aspects, such as historical perspectives and philosophical foundations. This article is a comprehensive review and analysis of the conceptual changes and paradigm shifts in gifted education. Three major paradigm shifts in gifted education were identified--"demystification" (i.e., giftedness as manifested wonders), "identification" (i.e., giftedness as measurable predictions), and "transaction" (i.e., effectuation of human possibilities). Presently, there is still an implicit focus on the identification paradigm despite considerable efforts to shift the focus to creating and sustaining appropriate developmental niches for all individuals. Debates in the field are highlighted to provoke discussion of future directions.