In this study we assessed the potential moderating roles of stimulus type (emotionally arousing) and participants’ characteristics (gender) in older adults’ associative memory deficit. In two experiments, young and older participants studied lists that included neutral and emotionally arousing word pairs (positive and negative) and completed recognition tests for the words and their associations. In Experiment 1, the majority of the word pairs were composed of two nouns, whereas in Experiment 2 they were composed of adjective–noun pairs. The results extend evidence for older adults’ associative deficit and suggest that older and younger adults’ item memory is improved for emotionally arousing words. However, associative memory for the word pairs did not benefit (and even showed a slight decline) from emotionally arousing words, which was the case for both younger and older adults. In addition, in these experiments, gender appeared to moderate the associative deficit of older adults, with older males but not females demonstrating this deficit.