The current research examined the links between depressive symptomology and anxiety on the fading of affect associated with positive and negative autobiographical memories. Participants (N = 296) recalled and rated positive and negative events in terms of how pleasant or unpleasant they were at the time they occurred and at the time of event recollection. Multilevel mediation analyses identified evidence that higher levels of depressive symptoms were directly associated with lower affect fade for both negative and positive memories. Tests of indirect effects indicated that depressive symptoms were indirectly related to lower affect fade for negative (but not positive) autobiographical memories via the heightened tendency to think about negative (but not positive) memories. Anxiety was unrelated to affect fade both directly and indirectly. These results suggest that people higher in depressive symptoms retain more negative affect due to an increased likelihood of thinking about negative autobiographical events.