In this article, we review studies of generalized self-efficacy (GSE) involving the characteristics, measurement, changes, and formation of GSE. We discuss controversial issues regarding developmental changes in GSE, such as the age at which GSE develops and becomes established, and its causal direction, i.e., does task-specific self-efficacy have an effect on GSE, or does GSE have an effect on task-specific self-efficacy. We suggest that studies of GSE should be designed to address these questions. Since it is possible to study the long-term development of GSE using epigenetic theory, we suggest that this theory should be the theoretical framework for GSE studies. GSE studies would also benefit from consideration of the theory of competence (concept of virtue) based on the perspective of healthy ego-development. Moreover, not only positive aspects of GSE, but also negative aspects, such as over-aspiration, should be investigated. We conclude that multifaceted studies of GSE based on theories of personality development should be undertaken.