The aim of the present paper is to shed light on the existence of a potential value conflict between materialism and green values and to discuss its consequences for consumer well-being. In three studies, we provide evidence that this value conflict diminishes well-being. Our findings disentangle the process through which such a value conflict produces its negative effect on well-being. In particular, the value conflict leads to confusion about the content of the own self-concept which negatively impacts well-being. This process seems to occur partly without consumers being necessarily aware of their value conflict and partly because of specific decision situations which let consumers experience their value conflict. The latter are decision situations which require consumers to make tradeoffs between materialistic and sustainable goals. In this vein, we show that it is important to differentiate between the latent underlying value conflict and an actual experienced value conflict.