Research has shown that remembering emotional information can occur at the expense of surrounding neutral background information; this emotional memory trade-off occurs similarly in both younger and older adults. We investigated how levels of cortisol, a hormone that acts on the central nervous system, impact emotional memory with age. Younger and older adult participants incidentally encoded emotional (positive, negative, or neutral) items placed on neutral backgrounds and later completed recognition tests for both the items and the backgrounds. Cortisol was measured at multiple time points to assess basal cortisol. Results are reported for prelearning levels, as findings were comparable across time points. Results revealed that higher levels of cortisol predicted a lower memory trade-off effect for older adults compared to younger adults and that this age difference in the role of cortisol tended to be strongest for memory for negative items (rather than for backgrounds or neutral items). No such interaction emerged for the positive trade-off effect. These results suggest that cortisol levels play a different role in supporting emotional memory across the life span, with lower levels of cortisol potentially more adaptive for memory for negative emotional information and higher levels indicating potential impairment with age. (PsycINFO Database Record (c) 2019 APA, all rights reserved).