Reality monitoring refers to a person's ability to distinguish between perceived and imagined events. Prior research has demonstrated that young adults show a reality-monitoring advantage for negative arousing information as compared with neutral information. The present research examined whether this reality-monitoring benefit extends to positive information in young adults and whether older adults show a reality-monitoring advantage for emotional information of either valence. Two studies revealed no evidence for a reality-monitoring advantage for positive information; in both age groups, the reality-monitoring advantage existed only for negative information. Older adults were, however, more likely to remember that a positive item had been included on a study list than they were to remember that a nonemotional item had been studied. Young adults did not show this mnemonic enhancement for positive information. These results indicate that although older adults may show some mnemonic benefits for positive information (i.e., an enhanced ability to remember that a positive item was studied), they do not always show enhanced memory for source-specifying details of a positive item's presentation.