When people interact with each other, they form social hierarchies. Being higher up in a hierarchy has numerous benefits. Consequently, when people believe that their rank is threatened, they should react strongly to address this threat. We propose that the emotion envy is such a reaction, regulating social hierarchies in two ways. First, persons’ socially-valued successes elicit envy in inferior persons. Second, inferior persons’ envy in turn elicits emotional reactions in successful persons. Envying and being envied thus occur in a dynamic relationship. We argue that the complexities of this dynamic can be unraveled by considering that (a) social hierarchies form in different ways, (b) emotions are multifaceted experiences whose facets are accentuated by relevant situations, and c) people may or may not overtly express these emotions. We review evidence for a broad framework that considers these points. According to this framework, persons can express their socially-valued successes with authentic or with hubristic pride. Authentic pride signals to others that the success is based on a prestige strategy. In response, inferior persons may perceive personal control to change their situation. This elicits benign envy, involving cognitions and motivations aimed at improving their position. If enviers express benign envy, envied persons are more likely to approach them. Hubristic pride instead signals that the success is based on a dominance strategy. In response, inferior persons may perceive superior persons’ advantages as undeserved. This elicits malicious envy, involving cognitions and motivations directed at harming the superior persons’ positions. If enviers express malicious envy, envied persons are more likely to avoid them. The framework integrates diverse empirical findings on the socially-functional value of envy in regulating social hierarchies and provides avenues for future research.