["Applied Psychology, Volume 75, Issue 3, June 2026. ", "\nAbstract\nDrawing on the social capital perspective, this study investigates how and when servant leadership benefits leaders' own well‐being outcomes. We propose that servant leadership behaviors can enable leaders' relational‐based and instrumental‐based social capital to contribute to their work‐related outcomes with well‐being implications. We also posit that these beneficial effects of servant leadership can vary with leaders' self‐perceived competence and warmth. A total of 263 employees and 86 supervisors participated in the multisource, three‐wave survey. The findings reveal that relational social capital serves as the primary and more generalizable mechanism, mediating the relationships between servant leadership and all three well‐being outcomes: increased thriving, decreased work–family conflict, and reduced ego depletion. In contrast, instrumental social capital plays a more selective role, mediating only the relationship between servant leadership and reduced ego depletion. Leader characteristics, specifically competence and warmth, strengthened these relationships. These findings illustrate that the well‐being benefits of servant leadership for leaders are conveyed more pervasively through relational pathways, whereas instrumental pathways function in a more outcome‐specific manner. The study contributes to the literature by shifting the focus to the effects of servant leadership on leaders themselves and clarifying explanatory mechanisms and boundary conditions underlying these effects. From a practical perspective, our findings highlight the importance of fostering a culture that actively encourages servant leadership behaviors while nurturing leaders equipped with positive self‐evaluative cognitions.\n"]