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Theoretical study aimed at comparison functions of working memory and consciousness. The paper presents comparative analysis of working memory and consciouness functions. Consciousness is analyzed from the point of view of metaphorical and high context approach of Bernard Baars. Two distinct approaches to functions of working memory were taken into account. The first approach assumes that working memory consists of various structures and processes (Baddeley approach), while the second one is based on assumption of homogeneity of memory processes. Working memory in considered as activated part of long term memory. Fundamental difference between consciousness and both approaches to working memory refers to temporal range of regulation. Working memory is capable to regulate behavior during short period of time - not longer than few seconds. Consciousness may be very effective for a very long time. The two considered systems, i.e. working memory and consciousness may related to different kinds of emotional processes. These processes may be termed as phasic and tonic emotions. Phasic emotions occur as fast and short response to external stimuli; on the other hand tonis emotions may be considered as a result on interaction between distant goals (motivational system) and current situational demands. Consequences of such approach to working memory and consciousness for many psychological theories are discussed.