This study examines the changes in positive and negative emotions during vacation and their interactions with personality and life satisfaction. The emotions of 39 American and Dutch vacationers were tracked daily during their vacation using a diary. Findings indicated that emotions high in both positivity and arousal exhibit the same pattern (an inverted U-shape curve) during vacation, while the emotions ranked high in positivity and low in arousal do not. None of the negative emotions exhibited significant changes over time. Personality and life satisfaction moderated the change in several emotions over time, which suggests it is necessary to take those two factors into account when analyzing the change of emotions during a vacation.