This article provides a critical review of what is known about affect regulation in relation to consumption behavior. Based on numerous findings from psychology, communication research, and consumer research, we identify a core set of general principles of affect regulation in consumer behavior. First, we define affect regulation, clarify its relations to the concepts of coping and compensatory consumption, and refine the emerging concept of “displaced coping.” We then review the generic strategies used in the regulation of general negative affective states. Next, we synthesize evidence that distinct negative emotions are regulated by emotion-specific strategies, and propose an overarching explanatory principle: the “part-regulation principle.” We then review the main strategies used in the regulation of positive affective states. Finally, important contingencies in affect regulation are identified, including the asymmetric regulation of positive versus negative affective states, triggers of downward affect regulation, and key moderators of affect regulation.