There is empirical evidence regarding the interrelationships between materialism, negative emotions, and addictive buying. The aim of this study was to clarify the direction of the relationships among these variables. Specifically, the main objective was to explore the possible mediating roles of anxiety and depression in the link between materialism and addictive buying. Path analysis results, using a sample of 685 women, generally supported the suitability of the proposed model in which anxiety and depression mediated the effects of the materialism dimensions, "importance" and "success," on addictive buying, and that depression also mediates the influence of the "importance" and "happiness" dimensions. Moreover, a direct effect of the importance dimension on addictive buying was found.