[Correction Notice: An Erratum for this article was reported in Vol 148(5) of Journal of Experimental Psychology: General (see record 2019-25114-002). In the original article, all references to Study 6 in the text and Table 5 should be omitted. The resulting corrections are included in the erratum. All versions of this article have been corrected.] The role of emotions in wise reasoning is not well understood. On the one hand, work on emotional regulation suggests that downregulating intense emotions may lead to wiser reasoning. On the other hand, emerging work suggests that recognizing and balancing emotions provides critical insights into life experiences, suggesting an alternative path to wiser reasoning. We present a series of observational, diary, and experimental studies (N = 3,678 participants) addressing these possibilities, examining how wisdom-related characteristics of reasoning-epistemic humility, recognition of a world in flux, self-transcendence, recognition of diverse perspectives on an issue, and search for integration of diverse perspectives/compromise-relate to emotional intensity and to emodiversity (i.e., emotional richness and evenness) in a given situation. Across 5 studies, testing wisdom nominees and examining individual differences and manipulated wise reasoning, wisdom-related characteristics appeared in conjunction with emodiversity, independent of downregulated emotional intensity. The positive association between emodiversity and wisdom-related characteristics occurred consistently for daily challenges, unresolved interpersonal conflicts, as well as political conflicts. The relationship between emotional intensity and wisdom-related characteristics was less systematic, with some studies showing a positive (rather than negative) association between emotional intensity and wisdom. Together, these results demonstrate that wise reasoning does not necessarily require uniform emotional downregulation. Instead, wise reasoning can also benefit from a rich and balanced emotional life. (PsycINFO Database Record (c) 2019 APA, all rights reserved).