Schadenfreude is the distinctive pleasure people derive from others’ misfortune. Research over the past three decades points to the multifaceted nature of Schadenfreude rooted in humans’ concerns for social justice, self-evaluation, and social identity. Less is known, however, regarding how the differing facets of Schadenfreude are interrelated and take shape in response to these concerns. To address these questions, we review extant theories in social psychology and draw upon evidence from developmental, personality, and clinical research literature to propose a novel, tripartite, taxonomy of Schadenfreude embedded in a motivational model. Our model posits that Schadenfreude comprises three separable but interrelated subforms (aggression, rivalry, and justice), which display different developmental trajectories and personality correlates. This model further posits that dehumanization plays a central role in both eliciting Schadenfreude and integrating its various facets. In closing, we point to fruitful directions for future research motivated by this novel account of Schadenfreude.