The endocannabinoid system is involved in the regulation of behavioural and physiological stress-related responses. Nicotine exerts complex effects on emotional behaviour, and its withdrawal may result in depressive and anxiogenic-like symptoms. Cannabinoid receptor agonists and nicotine induce biphasic effects in diverse tests of unconditioned anxiety, alter adrenocortical activity and affect hippocampus-dependent contextual fear conditioning. Upon exposure to stressful stimuli, central endocannabinoid and cholinergic systems appear to be activated in key limbic areas such as hippocampus and amygdala, which might contribute to adaptive cognitive and emotional strategies to cope with aversive situations. Numerous studies indicate the existence of functional interactions between nicotine and cannabinoids, particularly in relation to anxiety-related processes. An overlapping distribution of CB1 and nicotinic acetylcholine receptors in the hippocampus is observed and the endocannabinoid system exerts a modulatory role over the hippocampal cholinergic system. In this review, we point to the hippocampus as a relevant neural substrate for cannabinoid-nicotine interactions, notably as regards emotional responses. After a general description of the cannabinoid and nicotinic systems, we review their implications in unconditioned anxiety, depressive-like behaviour and fear conditioning. Then we discuss the role of both systems in modulating stress-induced changes at cellular, endocrine and behavioural levels and their possible involvement in hippocampal neurogenesis. Although we mainly focus on animal data, some relevant human studies are also discussed.