To date, studies exploring the relationship of counterfactual thoughts with episodic memories and episodic future thoughts have focused mainly on voluntary mental time travel. We explore mental time travel in everyday life and find that episodic counterfactual thinking occurs to a much lesser extent than thinking about the past or the future (12%, 22%, and 54%, respectively), is used mainly for mood regulation purposes, and the temporal distribution decreases as a function of time. We observe similarities in phenomenological detail: memories and counterfactual thoughts sharing similar ratings of sensory detail, memories and future thoughts sharing similar ratings of positivity, and counterfactual and future thoughts sharing similar ratings of mental time travel. We discuss the implications of episodic counterfactual thinking in everyday life.