Both the concept of well-being and the work of early childhood educators are complex. To date, research concerning educators' well-being has lacked a comprehensive conceptualisation that reflects these complexities. With increased research, policy and practice attention, a clearly articulated conceptualisation is now needed to guide empirical research and practical efforts to better support educators' well-being. In this article, the authors draw on multidisciplinary perspectives to propose such a conceptualisation. Philosophical, psychological, physiological, organisational science and sociological sources are explored and critiqued for their relevance to early childhood educators' well-being. Key aspects of these sources, and Bronfenbrenner's ecological systems theory, are brought together to argue for a morally anchored conceptualisation which acknowledges that educators' well-being is indivisible from the contexts in which it is experienced.