Using daily diary methodology, the authors examined over 60 days the within-person associations among positive and negative daily experiences, perceptions of stress, desire to drink, and alcohol consumption in a sample of 83 regular drinkers. Multilevel regression analyses indicated that days on which individuals reported more positive and negative nonwork events were also days they reported higher levels of desire to drink and actual consumption. Days on which individuals reported more negative work events were also days they reported a greater desire to drink, and days on which individuals reported more positive and negative health events were also days they reported lower levels of desire to drink and actual consumption. Weak evidence was found for the mediating effects of perceived stress in these associations. Several of the within-person associations varied as a function of gender, neuroticism, and drinking to cope; no moderating effects were found for extraversion.