The article argues that Penelope recognizes Odysseus at Odyssey 23.32–33, not, as is usually held, at 205–06. Recognition is here analysed as a multi-componential process, in which Penelope’s coming to know Odysseus’ identity must be distinguished from her letting on that she knows, and in which her recognition of the man before her as her long-lost husband does not automatically entail the immediate rekindling of all the old emotions. The narrative of Odyssey 23.1–230 is shown to be interested in tracing Penelope’s progression through the various components of recognition (knowledge, acknowledgement, emotional reconnection). The article explores the reasons why Penelope may consent to full reunion with Odysseus a good deal later than she has actually recognized him. Among these reasons, as well as the need for emotional attunement between Odysseus and Penelope, is Penelope’s need to ‘manage face’ vis-à-vis Eurycleia, Telemachus and Odysseus. It is argued, further, that the narrative of the Odyssey characteristically requires us to read the minds of its characters, above all Penelope in book 23. A mind-reading approach to the poem is justified in principle and grounded in a detailed reading of Odyssey 23.1–230. The wider interpretative implications for the poetics of the poem as whole are also explored.