We propose that wisdom should be considered in understanding, identifying, and developing skills of thought translated into action in gifted children and adults. First, we review some of the history of the gifted field and conclude that ideas about understanding, identification, and instruction are largely obsolete and based on assumptions that might have seemed valid in the early 20th century but that now are known not to be. Second, we discuss wisdom--what it is and how it is structured. Third, we discuss different kinds of wisdom and why they matter. We further discuss "4W's" of wisdom. Fourth, we discuss the role of wisdom in the identification of gifted individuals. Fifth and finally, we conclude that our emphasis in the understanding, identification, and development of gifted individuals needs to be expanded to include wisdom, and certainly not just IQ.