Research finds that greater generosity yields more positive emotions and consequently, greater well-being. But why might generosity have this effect on emotion? To answer this question, we use identity theory to examine internal mechanisms linking generosity to positive emotions. We conceptualize generosity as a person identity that varies in meaning and importance from person to person and use the logic of identity theory to make predictions about how the generous identity affects emotion. We predict a direct positive relationship between the generous identity and positive emotions. We also hypothesize a positive relationship between the verification of the identity and positive emotion, with the size of this effect depending on the prominence, or importance, of the identity for the individual. Analyses of data from a survey of college students confirm expectations and inform discussion about the value of conceptualizing generosity as a person identity for understanding the oft-cited relationship between generosity and emotional well-being.