This article proposed and tested a multilevel and interactional model of individual innovation in which weekly moods represent a core construct between context, personality, and innovative work behavior. Adopting the circumplex model of affect, innovative work behavior is proposed as resulting from weekly positive and high‐activated mood. Furthermore, drawing on the Big Five model of personality and cognitive appraisal theory, openness to experience and support for innovation are proposed as individual and contextual variables, respectively, which interplay in this process. Openness to experience interacts with support for innovation leading to high‐activated positive mood. Furthermore, openness interacts with these feelings leading to greater levels of innovative work behavior. Overall, the model entails a moderated mediation process where weekly high‐activated positive mood represents a crucial variable for transforming contextual and individual resources into innovative outcomes. These propositions were tested and supported using a diary methodology and multilevel structural equation modeling, on the basis of 893 observations of innovative work behavior and moods nested in 10 weekly waves of data. This information was collected from 92 individuals of diverse occupations employed in 73 distinct companies. Theoretical and practical implications are discussed. Copyright © 2013 John Wiley & Sons, Ltd.