The degree of relationship between positive and negative emotional states or emotional complexity is a topic of ongoing debate. At issue is whether positive and negative emotions are opposite ends of a bipolar continuum or independent dimensions in a bivariate distribution. In this review, we summarize work suggesting that the distinction between positive and negative emotions varies both between and within individuals as a function of cognition and changes in informational demands, a perspective called the Dynamic Model of Affect (DMA). In addition to providing a theoretical model that specifies the conditions under which bivariate and bipolar models of affect may be valid, the DMA offers an integrative framework through which models of resilience and stress adaptation may be articulated.