<p>This study analyzed the influence of health-promoting leadership, transactional leadership, and their asymmetric combination on employees’ performance and well-being, drawing on the conservation of resources theory. Furthermore, the moderating effects of employees’ health awareness and paradox mindset on health-promoting and transactional leadership on employees’ performance and well-being were also assessed. The data were collected from 348 employees in China’s manufacturing and service sectors in three stages, with a one-week interval between each phase to test the hypotheses. The results revealed that health-promoting leadership had a significantly positive effect on employees’ performance and well-being, as well as the combination of both. In contrast, transactional leadership had a negative influence on employees’ well-being and employees’ dual behavior in performance and well-being. Employees’ health awareness negatively moderated the relationship between health-promoting leadership and employees’ dual behavior in performance and well-being. Compared to the low health-low transactional leadership combination, employees’ performance and well-being were higher in the high health-low transactional leadership combination. The high health and high transactional leadership combination was more conducive to promoting employees’ performance and well-being than the low health-low transactional leadership combination. This study provided the novel theoretical perspective for verifying the complex relationship of health-promoting and transactional leadership with employees’ performance and well-being, thereby advancing the understanding of employees’ performance and well-being from the leadership perspective.</p>