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OBJECTIVE Researchers have been interested in the role of negative affect (NA) and positive affect (PA) in cognitive behavioral therapy (CBT) for depression. We examined cognitive change (CC) and these two affect variables across the course of CBT. METHOD Patients (N = 125; M age = 31.7, SD = 13.35; 60% female; 83% Caucasian) participated in 16 weeks of CBT for depression. They completed the Beck Depression Inventory-II (BDI-II) and the Immediate Cognitive Change Scale at each session and a measure of affect before and after each session. RESULTS NA decreased (rate of change p < .001, d = -1.08) and PA increased (p < .001, d = 0.53) during treatment. CC predicted next-session PA, 0.06, 95% CI [0.01, 0.11], and NA, -0.09, 95% CI [-0.14, -0.04], and was concurrently associated with change in PA, 0.36, 95% CI [0.30, 0.42], and NA, -0.32, 95% CI [-0.42, -0.26], over the course of a session. Presession PA, 0.22, 95% CI [0.17, 0.26], and NA, -0.13, 95% CI [-0.17, -0.08], predicted postsession CC, while pre to postsession change in PA, -0.05, 95% CI [-0.09, -0.002], and NA, 0.06, 95% CI [0.01, 0.11], predicted change in depressive symptoms. CONCLUSIONS Although NA and PA both change in CBT, the changes in PA are more modest. Both NA and PA predict symptom change, consistent with the possibility that increasing PA may be beneficial. CC and affect change are reciprocally related, suggesting that CC may contribute to affect change, while affect may also facilitate CC. (PsycInfo Database Record (c) 2021 APA, all rights reserved).