Research on faculty emotions is scarce, despite their evident relevance for faculty well-being, higher education quality, and student outcomes. The present studies aimed to investigate six discrete emotions (enjoyment, pride, boredom, anxiety, anger, frustration) faculty may experience during grading. Study 1 compared faculty emotions for grading with emotions for research and teaching (US sample, N = 1226). Mean comparisons showed that grading generally elicited less positive and more negative emotions than research and teaching. Study 2 further examined faculty emotions for grading through the lens of control-value theory, by identifying emotion-specific appraisal patterns in two countries (US, n = 244 and Germany, n = 201). Multiple linear regressions revealed that the most consistent predictor for grading emotions across both samples was cost, in terms of the extent to which faculty perceived grading as a thankless task that kept them away from more meaningful tasks. Our findings further point to the important role of faculty-student relationships and faculty members' confidence in their grading ability for eliciting grading emotions. This study extends existing research on emotions in higher education by considering grading as a relevant emotion-inducing task, and by applying control-value theory to a new context in two countries, thereby contributing to the question of this theory's generalizability. Practical implications of our findings entail that universities should aim to improve the circumstances of grading and equip their faculty with the means to handle their grading duties well, to optimize their somewhat worrisome emotional experiences in this context.