It's A Wonderful Life' is a classic 1946 American Christmas fantasy drama film directed by Frank Capra. The movie follows the life of George Bailey, a man who has given up his dreams in order to help others, and his guardian angel, Clarence Odbody, who shows George what life would have been like if he had never been born. The term 'It's A Wonderful Life' is often used to describe a situation where someone's life has been changed for the better.