Analogy and similarity are often assumed to be distinct psychological processes. In contrast to this position, we suggest that similarity and analogy both involve a process of structural alignment and mapping. That is, we suggest that "Similarity is like analogy". In this paper, we first describe the structure-mapping process as it has been worked out for analogy. Then, we extend this view to similarity, using it to generate new predictions. Finally, we explore broader implications of structural alignment for psychological processing.