According to the old feeling theory of emotion, an emotion is just a feeling: a conscious experience with a characteristic phenomenal character. This theory is widely dismissed in contemporary discussions of emotion as hopelessly naïve. In particular, it is thought to suffer from two fatal drawbacks: its inability to account for the cognitive dimension of emotion (which is thought to go beyond the phenomenal dimension), and its inability to accommodate unconscious emotions (which, of course, lack any phenomenal character). In this paper, I argue that the old feeling theory is in reality only a pair of modifications removed from a highly plausible account of the nature of emotion that retains the essential connection between emotion and feeling. These modifications are, moreover, motivated by recent developments in work on phenomenal consciousness. The first development is the rising recognition of a phenomenal character proper to cognition—so-called cognitive phenomenology. The second is the gathering momentum behind various ‘connection principles’ that specify some connection that a given state must bear to phenomenally conscious states in order to qualify as mental. These developments make it possible to formulate a new feeling theory of emotion, which would overcome the two fatal drawbacks of the old feeling theory. According to the new feeling theory, an emotion is a mental state that bears the right connection to conscious experiences with the right phenomenal character (involving, among other elements, a cognitive phenomenology).