Recent work has questioned whether the negativity bias is a distinct component of affective picture processing. The current study was designed to determine whether there are different neural correlates of processing positive and negative pictures using event-related brain potentials. The early posterior negativity and late positive potential were greatest in amplitude for erotic pictures. Partial Least Squares analysis revealed one latent variable that distinguished erotic pictures from neutral and positive pictures and another that differentiated negative pictures from neutral and positive pictures. The effects of orienting task on the neural correlates of processing negative and erotic pictures indicate that affective picture processing is sensitive to both stimulus-driven, and attentional or decision processes. The current data, together with other recent findings from our laboratory, lead to the suggestion that there are distinct neural correlates of processing negative and positive stimuli during affective picture processing.