The present study reports about the frequency, content and emotional tone of erotic dreams based on dream diary reports of a German college student sample. Four hundred and twenty-five students provided 1612 dreams, of which about 6% contained erotic themes, a figure which is in line with previous research. As for the dream content, kissing was the most frequent erotic activity, followed by intercourse and explicit sexual foreplay. Openness to experience is positively related to the frequency of erotic dreams; neuroticism and conscientiousness are associated with a rather negative emotional tone of such dreams. This supports the continuity hypothesis stating that erotic dreaming experience reflects waking life sexual activity, which is likely to be influenced by these personality dispositions. Further research should extend the knowledge of the aspects and emotional intensity of waking life sexual activity and their reflection in erotic dream content, i.e., whether experiencing unwanted and negatively perceived sexual events are associated with the emotional tone of erotic dreams. To investigate the causality of the relation between waking and dreaming sexual activity and the emotions related to it, an experimental study would be a necessary approach.