ABSTRACT This research examines the effect of the illusion of control (IOC) on consumer impulsivity when acquiring a dog, as well as on other consequences associated with the well‐being of both humans and pets. Four studies were conducted. Study 1 showed that the IOC is associated with potential owners' unrealistic optimism about their capabilities to train a dog and increased impulsivity in adopting the animal. Study 2 focused on a sample of dog owners. Owners who scored higher on the IOC perceived that their dogs exhibited more behavioral problems, leading to dissatisfaction with the animal. Study 3 further showed that owners' IOC and impulsivity were associated with future distress and intentions to relinquish their dogs. Finally, Study 4 presented a stimulus that mitigates the effect of the IOC on unrealistic optimism and impulsivity among potential owners, offering recommendations for consumers and marketers.