Objective To increase understanding of the internal processes of recovery in psychosis, with particular consideration given to self‐compassion and self‐criticism. Method Qualitative data were collected by semistructured interviews, from 10 participants with psychosis, and analyzed using interpretative phenomenological analysis. Results Five superordinate themes emerged: (a) “my mind can't take the load”: the “curse” of psychosis; (b) the “trap” of self‐criticism; (c) “coming to terms” with psychosis in my life to “move on”; (d) “on my own two feet”; and (e) “an opportunity” for growth. The themes included a reciprocal relationship between psychosis and self‐criticism, processes of acceptance, empowerment, and posttraumatic growth. Conclusions The internal process of self‐to‐self relating contributed to 2 maintenance cycles: self‐criticism maintained distressing experiences of psychosis and compassionate self‐acceptance resulted in empowered action and promoted recovery and growth. The dual process of acceptance and change in relationship to self was central to recovery.