We measured preferences for musical chords as well as nonmusical sounds that isolated particular acoustic factors--specifically, the beating and the harmonic relationships between frequency components, two factors that have long been thought to potentially underlie consonance. Listeners preferred stimuli without beats and with harmonic spectra, but across more than 250 subjects, only the preference for harmonic spectra was consistently correlated with preferences for consonant over dissonant chords. Harmonicity preferences were also correlated with the number of years subjects had spent playing a musical instrument, suggesting that exposure to music amplifies preferences for harmonic frequencies because of their musical importance. Harmonic spectra are prominent features of natural sounds, and our results indicate that they also underlie the perception of consonance.