While the negative consequences of alcohol use in college students are well known, less is known about the relationships of these consequences to alcohol consumption patterns. Further, almost no research has been conducted examining students' positive alcohol-related consequences. The current study examines the nature and frequency of positive and negative alcohol-related consequences, the relationship of these consequences to alcohol consumption patterns, and the impact of these consequences on subsequent drinking intentions. Findings indicate that college student drinking does indeed involve many negative consequences, some of which are quite serious, but that students also experience many positive consequences. In fact, they report their encounters with positive consequences as being more extreme and more frequent than their encounters with negative consequences. Further, consuming more alcohol is related to experiencing more positive and more negative consequences, as well as more extremely positive positive encounters, but not more extremely negative negative ones. Finally, participants reported that their positive and negative consequences would influence their future drinking decisions in a number of different ways. Future research directions and implications for interventions are discussed.