Conscious experience is fluid; it rarely remains on one topic for an extended period without deviation. Its dynamic nature is illustrated by the experience of mind wandering, in which attention switches from a current task to unrelated thoughts and feelings. Studies exploring the phenomenology of mind wandering highlight the importance of its content and relation to meta-cognition in determining its functional outcomes. Examination of the information-processing demands of the mind-wandering state suggests that it involves perceptual decoupling to escape the constraints of the moment, its content arises from episodic and affective processes, and its regulation relies on executive control. Mind wandering also involves a complex balance of costs and benefits: Its association with various kinds of error underlines its cost, whereas its relationship to creativity and future planning suggest its potential value. Although essential to the stream of consciousness, various strategies may minimize the downsides of mind wandering while maintaining its productive aspects.