Although there are preliminary indications that resilience is a key factor for women on their way to top leadership positions, research on this topic is scarce. To narrow this research gap, we applied an exploratory interview study focusing on the development of women leaders’ resilience. We conducted 25 biographical interviews with women in top leadership positions in medium and large companies listed in Germany. Through a qualitative content analysis, we identified three critical phases for the development of women leaders’ resilience—early life, early career, and upper leadership—as well as phase-specific resilience factors—i.e., individual, situational, and behavioral factors. We integrated these findings in a process model that provides insights into the interlinkages of the different phases and factors and can serve as a starting point for future research.