This research examined differences in the perception of emotion words as a function of individual differences in subclinical levels of depression and anxiety. Participants completed measures of depression and anxiety and performed a lexical decision task for words varying in affective valence (but equated for arousal) that were presented briefly to the right or left visual field. Participants with a lower level of depression demonstrated hemispheric asymmetry with a bias toward words presented to the left hemisphere, but participants with a higher level of depression displayed no hemispheric differences. Participants with a lower level of depression also demonstrated a bias toward positive words, a pattern that did not occur for participants with a higher level of depression. A similar pattern occurred for anxiety. Overall, this study demonstrates how variability in levels of depression and anxiety can influence the perception of emotion words, with patterns that are consistent with past research.