Drawing from the expectancy theory, this paper proposes a model of green product consumption and green brand equity. Consumers’ green product evaluation results in some expectations regarding their consumptions. These expectations are categorized in material and ethical outcomes and are ensued by the instrumentality effect. This effect is reflected in the possession rewards for material outcomes and in the moral rewards for ethical outcomes. Green product consumption and green brand equity is contingent on the weighted valence of the respective rewards. The paper is the first study to examine green product consumption and green brand equity from an expectancy theory perspective. © 2018, Academy of Marketing Science.