This narrative review integrates theoretical and empirical scholarship in which relationships between teacher leadership and teacher wellbeing are addressed. The review highlights four dimensions of teacher leadership (identity, formality, practices, and level of influence) and considers potential links with domains of wellbeing that may be affected by engagement in leadership activities. Utilizing Seligman's (2011) PERMA model as a framework, this review examined 29 publications that addressed PK-12 teacher leader wellbeing. All domains of wellbeing from the PERMA framework were represented, including positive emotions, engagement, relationships, meaning and purpose, and accomplishment. Additionally, autonomy was an emergent theme that has previously been highlighted as a part of psychological wellbeing. The review's findings highlight potential benefits and challenges of the trend toward promoting teacher leadership as a component of school renewal efforts. While inclusion of teacher leaders is vital, thought must be given to locally relevant practices based on school context and teacher needs.