This paper defends a theory of hope according to which hopes are composed of a desire and a belief that the object of the desire is possible. Although belief plus desire theories of hope are now widely rejected, this is due to important oversights. One is a failure to recognize the relation that hope-constituting desires and beliefs must stand in to constitute a hope. A second is an oversimplification of the explanatory power of hope-constituting desires. The final portion of the paper uses an enhanced understanding of the psychology of hope to make progress on normative questions about hoping well.