Collaboration is an important lifelong and career skill, and collaborative learning is a growing pedagogical practice. Students often struggle, however, to negotiate, manage conflict, and construct knowledge with other group members. These struggles can lead to negative interactions, resulting in negative emotions. Students in collaborative settings must be able to effectively regulate emotions at both the individual and group level. More research is needed on the emotions that develop in collaborative learning environments and how they relate to socioemotional regulation (i.e., the collective regulation of emotions in group settings) in order to provide a better conceptualization of emotions in small group learning. In this article, I explore ideas from traditional, social, developmental, and educational psychology, combining key elements from seminal theoretical models to introduce a new model for emotion formation and regulation in collaborative learning environments.