An abundance of research has examined craving and affective responses to alcohol; however, minimal emphasis has been placed on the relationship between craving and affective states at specific time points of alcohol consumption. Fifty-nine university students (28 light drinkers, 31 heavy drinkers) completed assessments of craving, and positive and negative affect at baseline (Time 1), immediately following consumption of a standard drink of alcohol (Time 2), and 20 min post consumption (Time 3). In light drinkers, craving was positively correlated with positive affect at all 3 time points. In heavy drinkers, craving was only correlated with positive affect at Time 2. There were no associations between craving and negative affect at any time point in either group. A subsequent profile analysis revealed parallel profiles of craving and positive affect over time in light drinkers, but not heavy drinkers. At 20 min post alcohol consumption, a moderated regression showed that the relationship between craving and positive affect weakened as level of alcohol use increased. These findings suggest that craving is positively associated with positive affect in light drinkers, but as levels of drinking escalate, this association dissipates.