One of the fastest growing areas within psychology is the field of emotion regulation. However, enthusiasm for this topic continues to outstrip conceptual clarity, and there remains considerable uncertainty as to what is even meant by “emotion regulation.” The goal of this review is to examine the current status and future prospects of this rapidly growing field. In the first section, I define emotion and emotion regulation and distinguish both from related constructs. In the second section, I use the process model of emotion regulation to selectively review evidence that different regulation strategies have different consequences. In the third section, I introduce the extended process model of emotion regulation; this model considers emotion regulation to be one type of valuation, and distinguishes three emotion regulation stages (identification, selection, implementation). In the final section, I consider five key growth points for the field of emotion regulation.