People routinely encounter situations in which they have to decide between following their long‐term interests and seeking short‐term pleasure. An act of self‐control occurs when people follow their long‐term interests (e.g., eat healthy food, save money), whereas an act of indulgence occurs when people seek short‐term pleasure (e.g., eat tasty but unhealthy food, spend a lot of money). Avoiding the temptation of short‐term pleasures is often difficult, and sometimes indulgence can lead to harmful outcomes. For this reason, research has understandably focused on uncovering the many factors that can facilitate or undermine self‐control. However, making sense of this voluminous output is difficult without an organizing framework. This article provides such a framework, which organizes previous findings around three psychological processes: information activation and inhibition, priority setting, and responses to resource availability. The article concludes with a discussion of research ideas in areas that will be especially relevant moving forward.