The paper discusses the role of emotions in conscious self-regulation of goal-oriented human activity, pointing out and analyzing instances of participation of emotions in regulation processes, the functions and role of emotions in formation and realization of those processes. The author argues legitimacy of treating emotions as processes initially involved in goal formation, decision-making, development of regulation. The author also describes variations in emergence and development of emotions, varying in modality and degree, already in the process of activity. Effects of emotions on regulation and, consequently, success of activity can range from productive to destructive depending on their modality, degree, direction, and peculiarities of genesis. In any case emotions as a necessary component of the mental state of the acting person and one of the psychological means of self-regulation determine the content and dynamics of regulatory processes.