Ethnic-racial identity (ERI) is an important psychological construct that can have significant implications for individuals' positive development and adjustment. The multifaceted nature of ERI has been well documented, and scholars have identified clear distinctions between process and content dimensions of ERI. ERI affect is among the most widely studied dimensions of ERI. In this article, I revisit the theoretical and empirical foundations on which the conceptualization and measurement of ERI affect have been grounded, and present findings that suggest that distinctions between positive and negative affect are necessary. I also draw on social identity and emotion science theories to explain the patterns of findings for positive and negative affect and offer suggestions for future theorizing and empirical work on ERI affect. Finally, I offer recommendations for revised interpretations of prior work, more refined measurement approaches for future work, and increased attention to the practice-based implications of research on ERI affect.