The research was performed to find out the concept of exultation and to discover the effective factors on exultation based on the holy Quran through “integrated approach of methodology in the holy Quran and the grounded theory”. The consequences present two kinds of the exultation: the pure exultation theory and the false exultation theory each of which offers the “happiness formula” and the “unhappiness formula” to one’s life respectively. Moreover, the causative conditions, backgrounds, mediator conditions, strategies, and outcomes of the two theories were determined and presented through the model of the paradigm of the pure exultation theory and that of the false exultation theory.