She was a shy teenager, but friendly, intelligent, and down to earth. Watson is described as much the same today: “She’s way more like a real person than a movie star,” according to Gloria Steinem, who became a friend when Watson reached out to discuss the changing face of feminist activism. (More on that later.) Hamilton creator Lin-Manuel Miranda, who met Watson backstage at a performance of the musical, sums it up: “She played this very smart, conscious, noble wizard—and then somehow we had the good fortune that she became a smart, conscious, noble woman.” (They did a video together—Miranda freestyling, Watson beatboxing—to raise awareness for International Women’s Day. It got more than six million views.)

Watson in Dior. Photograph by Tim Walker. Styled by Jessica Diehl.

Emma and I got to know each other, and I visited her on the sets of the last two Harry Potter films. But as the Potter train pulled into its last station, I noticed the clouds of melancholy forming over her fairy-tale life. “I’d walk down the red carpet and go into the bathroom,” she remembers of the last few premieres. “I had on so much makeup and these big, fluffy, full-on dresses. I’d put my hands on the sink and look at myself in the mirror and say, ‘Who is this?’ I didn’t connect with the person who was looking back at me, and that was a very unsettling feeling.”

“I’ve often thought, I’m so wrong for this job because I’m too serious.”

What few people knew when she enrolled at Brown University in 2009 was that she had a desire to give up acting and walk away from Hollywood altogether. “I was finding this fame thing was getting to a point of no return,” she remembers. “I sensed if this was something I was ever going to step away from it was now or never.” She loved performance and telling stories, but she had to reckon with the consequences of “winning the lottery,” as she calls getting the part of Hermione, when she was nine years old and literally still losing baby teeth. As an adult, “it dawned on me that this is what you’re really signing up for.”

The question most people ask when a celebrity moans about being famous: If you hate the fanfare so much, why keep making movies? Watson asked herself that all the time. “I’ve been doing this since I was 10 or 11, and I’ve often thought, I’m so wrong for this job because I’m too serious; I’m a pain in the ass; I’m difficult; I don’t fit,” she says. “But as I’ve got older, I’ve realized, No! Taking on those battles, the smaller ones and the bigger ones, is who I am.”

Watson wears clothing by Valentino Haute Couture; gloves by Monique Lee Millinery. Photograph by Tim Walker. Styled by Jessica Diehl.

She recently found the courage to say no to selfie-seekers. “For me, it’s the difference between being able to have a life and not. If someone takes a photograph of me and posts it, within two seconds they’ve created a marker of exactly where I am within 10 meters. They can see what I’m wearing and who I’m with. I just can’t give that tracking data.” Sometimes, she’ll decline a photo but offer up an autograph or even a chat—“I’ll say, ‘I will sit here and answer every single Harry Potter fandom question you have but I just can’t do a picture’ ”—and much of the time people don’t bother. “I have to carefully pick and choose my moment to interact,” she says. “When am I a celebrity sighting versus when am I going to make someone’s freakin’ week? Children I don’t say no to, for example.”

“I sensed if this was something I was ever going to step away from it was now or never.”

I tell Watson I’ve watched other actors, like Reese Witherspoon, walk down the street and happily pose with fans—and suddenly it becomes clear that the fans of Sweet Home Alabama are different from Harry Potter fans. For mostly better and occasionally worse, the Potter books and films not only captured the imagination of millions of people but, for many of them, changed their lives. It’s something Watson is deeply aware of. “I have met fans that have my face tattooed on their body. I’ve met people who used the Harry Potter books to get through cancer. I don’t know how to explain it, but the Harry Potter phenomenon steps into a different zone. It crosses into obsession. A big part of me coming to terms with it was accepting that this is not your average circumstances.” (Since the first movie premiered, in 2001, when Watson was 11, there have been numerous incidents with stalkers.) “People will say to me, ‘Have you spoken to Jodie Foster or Natalie Portman? They would have great advice for you on how to grow up in the limelight.’ I’m not saying it was in any way easy on them, but with social media it’s a whole new world. They’ve both said technology has changed the game.” When she was at Brown, Watson went to a Harvard football game and The Harvard Voice, a student magazine, live-tweeted as its staff stalked her at the stadium. I remember at Watson’s 18th-birthday party in London, the photographers outside had a bounty on who could get a picture taken up her skirt. She’s not exaggerating her security concerns, either. She purchased her house sight unseen over a Skype call with a real-estate agent because it had a paparazzi-proof entrance. “Privacy for me is not an abstract idea,” she says.