Although affective states are typically viewed as belonging to individuals, psychological theories have begun to emphasize collective affective states or interpersonal affective systems that emerge and resonate at the level of dyads and groups. Here, we build on these theories with a focus on co-experienced positive affective states. We distinguish co-experienced positive affect from intraindividual positive affect, and highlight research suggestive that co-experienced positive affect has characteristics that are distinct from intraindividual positive affect with important implications. We review recent advances that indicate co-experienced positive affect plays critical roles in the development of social skills, social bonds, and caring communities, and consider potential implications of co-experienced positive affect for health and well-being.