The age-related positivity effect is the tendency of older adults to preferentially process positive information over negative information when compared to younger adults (e.g., Reed & Carstensen, 2012). The aim of the study was to determine whether common and/or distinct mechanisms underlie the age-related positivity effect in lexical access and episodic memory. Fifty young and 50 older adults successively performed a progressive demasking task incorporating memory instructions, an immediate free recall task, a memory recognition task, and delayed free recalls at 20 min and 7 days. The materials included 60 words that varied in emotional valence (positive, neutral, negative) and arousal (low, high). The results revealed that distinct processes underlie the age-related positivity effect in lexical access and episodic memory. In progressive demasking, this effect emerged for both low- and high-arousal words, suggesting that it depends on automatic processes. In immediate and delayed free recall and recognition, this effect emerged for low-arousal words only, suggesting that it depends on more controlled processes. Moreover, in older adults, positivity scores correlated with well-being scores for episodic memory. These results are discussed in relation to affective aging theories. (PsycInfo Database Record (c) 2022 APA, all rights reserved).