Through his development of Rational Emotive Behaviour Therapy (REBT), Albert Ellis was a major contributor to the development of cognitive behaviour therapy. This article reviews key aspects of REBT, the distinction between unhealthy and healthy emotions, and the role irrational and rational beliefs play in relation to these emotions. As with other areas of psychology, the focus of REBT over the years has been dominated by negative emotional experiences. In an attempt to address this and further develop REBT, the present article reviews recent claims from the realm of social psychology that positive illusions promote mental health. Consequently, it is proposed that a similar dichotomy of healthy and unhealthy positive emotions also exists, and a basic framework for working with this positive dichotomy is introduced.