Research on children’s social information processing (SIP) has mainly focused on negative attributions in peer provocation and rejection situations. The potential of balanced attributions—attributing both positive and negative intent—and of positive attributions has not been explored. We conducted a series of regressions to examine balanced, positive, and negative attributions and links to affective response and socioemotional functioning in 8 to 12 year old (M = 10.30; SD = 1.09; N = 111) that were clinic‐referred for disruptive behavior. Children’s responses to hypothetical situations resulting in ambiguous‐positive and ambiguous‐negative situations were coded for positive, negative, or balanced attribution or affect. Caregivers reported on children’s social and emotional functioning. Results indicated that a proportion of children (21.6%) made at least one balanced attribution in both types of situations. Affective responses tended to be in line with attribution style, with positive attribution linked to positive affect, balanced attribution linked to mixed affect, and negative attribution linked to negative affect. Children making positive attributions in ambiguous‐positive situations and balanced attributions across situations tended to have less negative functioning and more positive functioning. Reconsideration of attribution coding schemes to include balanced and positive attributions may guide theoretically important and novel directions in SIP research.