Two experiments investigated the time-limited effects of emotional arousal on consolidation of item and source memory. In Experiment 1, participants memorized words (items) and the corresponding speakers (sources) and then took an immediate free recall test. Then they watched a neutral, positive, or negative video 5, 35, or 50min after learning, and 24 hours later they took surprise memory tests. Experiment 2 was similar to Experiment 1 except that (a) a reality monitoring task was used; (b) elicitation delays of 5, 30, and 45min were used; and (c) delayed memory tests were given 60min after learning. Both experiments showed that, regardless of elicitation delay, emotional arousal did not enhance item recall memory. Second, both experiments showed that negative arousal enhanced delayed item recognition memory only at the medium elicitation delay, but not in the shorter or longer delays. Positive arousal enhanced performance only in Experiment 1. Third, regardless of elicitation delay, emotional arousal had little effect on source memory. These findings have implications for theories of emotion and memory, suggesting that emotion effects are contingent upon the nature of the memory task and elicitation delay.