The present study examined trait self-compassion and trait self-esteem in relation to positive (PA) and negative affect (NA), as well as their associations with stress reactivity in daily life. One hundred and one subjects completed questionnaires on perceived stress and affect twice a day for 14 consecutive days on smart phones. Results indicated that self-compassion and global self-esteem were positively related to PA and negatively to NA. After controlling for self-esteem, self-compassion remained significantly associated with PA and NA, whereas self-esteem was no longer associated with PA and NA after controlling for self-compassion. Furthermore, results indicated that self-compassion buffered the effect of stress on NA, whereas this was not the case for global self-esteem. Neither self-compassion nor self-esteem moderated the relation of stress on PA in separate models. The results of the present study add to the growing literature regarding beneficial relations of self-compassion and psychological well-being and further emphasize the distinction of self-compassion and global self-esteem.