Group-based emotions can be experienced by group members for the past misdeeds of their ingroup towards an outgroup. The present study examines distinct antecedents and consequences of group-based compunction and anger in two countries with a history of colonization (Portugal, N = 280 and the Netherlands, N = 184). While previous research has focused mainly on ingroup-focused antecedents of group-based emotions, such as ingroup identification and perceptions of responsibility, our research also analyzed outgroup-focused variables, such as outgroup identification and meta-perceptions. Multiple group structural equation modeling showed that group-based compunction and group-based anger have similar antecedents (exonerating cognitions, collectivism, outgroup identification and meta-perceptions). Furthermore, the results showed that the two emotions have distinct but related consequences for the improvement of intergroup relations (compensation, subjective importance of discussing the past and forgiveness assignment).