Research on well-being and concern over the well-being of students and teachers has grown dramatically in recent years. Researchers and reformers in positive psychology and education, self-determination theory, social and emotional learning, liberal-democratic political and educational philosophy, and neo-Aristotelian theories of flourishing and character education have played formative and intersecting roles in what is now an international movement to promote the lifelong flourishing of students as an alternative to a human capital and economic growth focus for education. This article defends this flourishing-focused reorientation of education policy and practice, using a value-led and evidence-informed methodology. It sorts through the conceptual disputes and clarifies the ethical considerations that should guide efforts to advance the well-being of students and teachers, assesses key claims and arguments, and brings together compatible aspects of the leading philosophical and psychological perspectives on flourishing as an aim of education. It identifies ethically and evidentially justifiable points of consensus on well-being and flourishing in education, presents a consensus model of relationships between educational environments, learning, and flourishing, and concludes with some recommendations for educational policy and practice.