Research on the psychological well-being of refugees has focused on deficiencies within individuals either in terms of psychiatric symptoms or feelings of distress. To achieve a more holistic view of the life experiences of refugees, we need to look at the limitations of our current theoretical models. This article critically examines some of the major theoretical approaches that have guided research on the psychological well-being of refugees: the medical model, the psychosocial stress model and Berry's (1997) ‘acculturation framework’. It goes on to examine Hobfoll's (2001) Conservation of Resources stress theory, a model which has important implications for refugee research. Drawing upon the models reviewed, the last section outlines a conceptual framework for adaptation among refugees. At the heart of it lies the concept of resources. However, resources must be understood in terms of the individual's needs, personal goals and the demands he or she encounters. Each of these concepts must be examined in the context of the pre-migration, flight and post-migration phases. The additional concept of constraints on the use of or access to resources is particularly relevant to the post-migration phase. Such a conceptual toolkit could prove especially useful in going beyond quantitative data to present the human stories of refugees. It could also sensitize researchers to the impact of host societies on the well-being of refugees.