Recent findings suggest positivity effects in older adults' attention and memory, but few studies have examined such effects on the level of emotional reactivity. In this study, 52 young and 52 older adults rated 172 pictures of the International Affective Picture System, differing in arousal and age-relevance, in terms of valence and discrete emotions. Age differences in the ratio of pleasantness reactions to pleasant pictures vs. unpleasantness reactions to unpleasant pictures as well as age differences in absolute levels of unpleasantness and pleasantness reactions suggest that positivity effects in older adults' subjective emotional reactions are reduced under high arousal. There is also evidence that positivity effects may be restricted to stimuli with low relevance in old age.