Empathy is an integral part of socioemotional well-being, but recent research has highlighted some of its downsides. Here we examine literature that establishes when, how much, and what aspects of empathy promote specific outcomes. After reviewing a theoretical framework that characterizes empathy as a suite of separable components, we examine evidence showing how dissociations of these components affect important socioemotional outcomes and describe emerging evidence suggesting that these components can be independently and deliberately regulated. Finally, we advocate for an approach to a multicomponent view of empathy that accounts for the interrelations among components. This perspective advances scientific conceptualization of empathy and offers suggestions for tailoring empathy to help people realize their social, emotional, and occupational goals.