Drawing on Gardner et al.’s (2009) model of leader’s emotional labor and authenticity and Côté’s (2005) social interaction model of emotion regulation and work strain, we explore how leader’s surface and deep acting is associated with leader’s felt authenticity, which is further related to leader’s emotional exhaustion (intrapersonal process). We also explore how leader’s surface and deep acting is associated with follower’s perceived leader authenticity, which is further related to follower’s affective trust in leader (interpersonal process). Moreover, we investigate whether follower’s affective trust in leader affects leader’s emotional exhaustion. Using survey research, we obtained 166 pairs of leader-follower dyad data in organizations at Taiwan. The results showed that, regarding intrapersonal process, leader’s surface (deep) acting is negatively (positively) related to felt authenticity, which serves as a mediator and is further related to emotional exhaustion. Regarding interpersonal process, leader’s surface acting is negatively related to follower’s perceived leader authenticity, which serves as a mediator and further related to trust in leader. In addition, follower’s trust in leader is associated with leader’s emotional exhaustion. Our study contributes to existing literature by demonstrating that leader’s deep acting may be a compromise between emotional labor and authenticity, and that Gardner et al.’s (2009) model can be integrated with Côté’s (2005) model.