Although negative anticipatory emotions are typically seen as risk factors for poorer psychological outcomes over COVID-19, emotion theorists suggest that this risk may be attenuated if balanced by the experience of positive emotion. Thus, the current study examined whether interactions between positive and negative anticipatory emotions were concurrently associated with psychological distress and greater personal wellbeing/posttraumatic growth (PTG) at three distinct periods (i.e., pre-lockdown, during lockdown, post-lockdown), and whether associations varied by these three COVID-19 time periods. The study utilizes two large longitudinal Australian samples, surveyed in 2020 prior to, during, and after a strict 4-month lockdown that occurred in Australia. Overall, positive emotions attenuated the adverse psychological outcomes arising from higher levels of negative emotion (i.e., higher psychological distress and lower personal wellbeing). Observed effects varied according to COVID-19 threat exposure. Specifically, the interaction was significantly associated with psychological distress prior to the lockdown for Sample 2, and during the lockdown for both samples. The interaction was significantly associated with wellbeing (Sample 2) prior to, and during, the lockdown but only marginally associated post-lockdown. The interaction, however, was not significantly associated with PTG (Sample 1). The results suggest that it is valuable for future research to consider greater emotional complexity (i.e., mixed emotions) over COVID-19, and other stressors more generally, to encompass a more nuanced understanding of resilience.