What are the cognitive processes that allow flexible responses to the changing demands of varying emotional contexts? Previous research suggests that higher levels of cognitive control are linked to successful emotion regulation. In particular, the implementation of emotion regulation strategies has been associated with individual differences in cognitive control, including (a) inhibiting prepotent responses, (b) updating information in working memory, and (c) shifting mental sets. Although most of this work has focused on the relationship between cognitive control and the short-term implementation of regulatory strategies, cognitive control may be even more important for understanding the dynamic adaptation to varying emotional contexts, that is, emotion regulation flexibility. However, cognitive control and emotion regulation flexibility have not been investigated in conjunction, resulting in a lack of a coherent understanding. In this article, we describe a framework outlining the importance of cognitive control for understanding three key components of emotion regulation flexibility: (a) strategy stopping or switching, (b) strategy maintenance, and (c) monitoring. We highlight the relevance of studying each of these components through the lens of cognitive control processes, particularly focusing on the tradeoff between shielding versus shifting goals and goal-directed behavior in various emotional contexts. (PsycINFO Database Record (c) 2020 APA, all rights reserved).