This study explores the role of sentiment in predicting future stock return volatility in the Chinese A-share market. Specifically, we conduct a composite sentiment index capturing both investor and manager sentiment. The former is measured by overnight returns, and the latter is measured by a textual tone based on the information in the Management Discussion and Analysis section of the annual reports. Empirically, we find that the composite index is positively associated with subsequent stock realized volatility and the result remains robust after controlling for a set of firm characteristics and state ownership. Besides, the result also shows that investor attention can help dissect the sentiment—volatility relation.