There is much evidence for the adaptive value of positive affect. Empirical work examining different facets of positive affect and their consequences for psychological adaptation remains sparse, however. This study (young, middle-aged, and older adults; N = 293) investigated the links between two dimensions of positive affect (positive involvement and pleasant affect) and two lifestyles (hedonic and growth related), each indicated by general value orientations, self-reported everyday activities, and activity aspirations. Structural equation models showed that pleasant affect and positive involvement constitute distinct dimensions evincing different age trends and relating differentially to hedonic and growth-related lifestyles. Specifically, pleasant affect, but not positive involvement, was related to a hedonic lifestyle, whereas positive involvement, and not pleasant affect, was associated with a growth-related lifestyle. These findings underline the importance of considering two dimensions of positive affect--pleasant feelings and positive involvement--separately when studying the link between affect and lifestyle.