Accounts of happiness in the philosophical literature see it as either a judgment of satisfaction with one’s life or as a balance of positive over negative feelings or emotional states. There are sound objections to both types of account, although each captures part of what happiness is. Seeing it as an emotion allows us to incorporate both features of the accounts thought to be incompatible. Emotions are analyzed as multi-component states including judgments, feelings, physical symptoms, and behavioral dispositions. It is shown that prototypical happiness contains all these components, and each is explicated. Happiness is similar to other emotions in many respects, including the phenomenon of adaptation, the “paradox of happiness,” and the existence of both paradigm and borderline instances. In secondary senses happiness can be a mood or temperament, higher level dispositions. Happiness is both a judgment of and a component of well-being, but not the whole of it.