Much of the current psychology research on well‐being similarly addresses hedonia and/or eudaimonia, making the hedonic–eudaimonic distinction a central concept in positive psychology. This chapter first discusses existing definitions and research. It outlines a full range of approaches uses one specific approach to defining hedonia and eudaimonia, assuming that hedonia does include the concept of reduced distress. The study of all four categories of analysis—orientations, behaviors, experiences, and functioning—can give us a well‐rounded understanding of the whole process of eudaimonia or hedonia. It concludes that eudaimonia and hedonia are most fundamentally orientations. The chapter also presents a review of research findings and discusses the measures that clearly assess both eudaimonia and hedonia as orientations‐the Hedonic and Eudaimonic Motives for Activities (HEMA) scale. Finally, it talks about what eudaimonia and hedonia might look like in practice. When hedonia and eudaimonia are pursued wisely, they can make life full and beautiful.