Competition is ubiquitous, infiltrating virtually every segment of society. Some label competition as beneficial and look to expand it, while others see competition as harmful and look to minimize it and replace it with cooperation. The experience in competitive environments is varied, as is the impact on participants’ wellbeing. A review of the literature has revealed or confirmed a few things. First, the subject is not easily bifurcated into competition or cooperation, but rather nuanced. Second, one’s competitive orientation (e.g., hypercompetitive, developmental, avoidant, disinterested) in the competitive environment will influence both one’s wellbeing. The research shows that while there are positives and negatives in each approach, the developmental orientation leads to the greatest increase in wellbeing and the hypercompetitive the least. Positive psychology has much to offer to ameliorate competitive environments in sport, business, academics, and elsewhere.