The current research represents one of the first attempts to investigate how various thought qualities that naturally fluctuate across attention states (i.e., mind wandering vs. present-focused attention) impact mood. Of specific interest was whether thought valence may account for previously reported effects of attention state on mood. To examine this, an experience sampling methodology was used to capture participants' (N = 337) attention state (present or mind wandering), thought valence, and mood 6 times per day for 7 days during daily life (all data collected in 2022-2023). Participants further indicated the form of their thoughts (e.g., inner speech), as well as their clarity and interestingness. This design allowed for a conceptual replication and expansion of Killingsworth and Gilbert (2010) in which it was observed that mind wandering leads to relatively poorer mood compared to present-focused attentional states, with the poorest mood for negatively valenced wandering thoughts. Unlike their study, however, we inquired about thought valence for both mind-wandering and present moments. Our findings revealed that the relationship between attention state and mood is substantially accounted for by thought valence, while interestingness and clarity further provided significant, albeit much weaker, indirect effects on mood. Exploratory analyses suggested that the effect of attention state on mood is greatest for older people. Overall, these findings suggest that the commonly reported detrimental impact of mind wandering on mood may largely be accounted for by certain confounding variables. (PsycInfo Database Record (c) 2024 APA, all rights reserved).