Preliminary evidence concerning emotional intelligence (EI) and working memory (WM) showed that the relationship between them is dependent on the emotional content ('hot' or 'cool') of tasks involving WM. In this paper, we continue investigating the relationship between EI and WM, focusing on a crucial function of WM, i.e., the efficacy of updating its content. WM updating shows substantial correlations with general fluid intelligence (gF) and seems to be a significant predictor of cognitive performance and achievement. We assume that if updating is important for a wide range of higher-order processes, updating emotional content in WM could be essential for emotionally intelligent behavior. To test this hypothesis, we constructed two parallel versions of a task that requires WM updating: one with neutral and the other with emotional stimuli. In addition, performance-based measures of both gF and EI were used in the research. Using the structural equation approach, we sought to demonstrate that gF is dependent on the efficiency of WM updating for both emotional and neutral stimuli, whereas EI might depend only on the updating efficacy in the emotional context. The results are discussed in terms of the domain specificity of EI and the domain generality of gF. The main constraint of the study is its limited sample size (n = 123 for intelligence measures, n = 69 for WM updating tasks). Moreover, the study was based on a female sample; thus, the conclusions can be extrapolated only to women.