The current study investigated self-reported positive affect (PA) and negative affect (NA) in high school students (N = 451) within three academic contexts: homework, classwork/tests, and after-school activities. We examined whether context-specific emotions predicted grades, life satisfaction, and discipline records. Our findings revealed that context may be important when examining test-criterion relations, with students' affective reactions during extracurricular activities leading to different relationships with outcomes than reported affect during homework and classwork/testing. Furthermore, we found that PA predicted student grades and satisfaction with life to a much greater extent than NA. Practical implications and future directions are discussed. (Contains 3 tables and 1 figure.)