This study investigated the effects of color presence and saturation on the affective judgment of real-life images, as functions of the image’s affective valence. In the first two experiments, participants observed and rated original color photos and their grayscale versions, presented in an interleaved order across two separate experimental sessions. Color photos were rated as more pleasant than grayscale photos when image valence was positive, and more unpleasant when image valence was negative. The third experiment consisted of the same original images and their versions with saturation reduced by 50%. Original photos were rated as more pleasant than saturation-reduced photos when image valence was positive, yet less unpleasant when image valence was negative, implying potentially separable mechanisms for processing color presence and saturation. Significant interactions were found between color or saturation mode and valence on affective judgment in all three experiments. The effects persisted after controlling for colorfulness and luminance between the color and grayscale (or de-saturated) conditions.