Many scientific studies have been concerned with building an automatic system to recognize emotions, and building such systems usually relies on brain signals. These studies have shown that brain signals can be used to classify many emotional states. This process is considered difficult, especially since the brain’s signals are not stable. Human emotions are generated as a result of reactions to different emotional states, which affect brain signals. Thus, the performance of emotion recognition systems by brain signals depends on the efficiency of the algorithms used to extract features, the feature selection algorithm, and the classification process. Recently, the study of electroencephalography (EEG) signaling has received much attention due to the availability of several standard databases, especially since brain signal recording devices have become available in the market, including wireless ones, at reasonable prices. This work aims to present an automated model for identifying emotions based on EEG signals. The proposed model focuses on creating an effective method that combines the basic stages of EEG signal handling and feature extraction. Different from previous studies, the main contribution of this work relies in using empirical mode decomposition/intrinsic mode functions (EMD/IMF) and variational mode decomposition (VMD) for signal processing purposes. Despite the fact that EMD/IMFs and VMD methods are widely used in biomedical and disease-related studies, they are not commonly utilized in emotion recognition. In other words, the methods used in the signal processing stage in this work are different from the methods used in literature. After the signal processing stage, namely in the feature extraction stage, two well-known technologies were used: entropy and Higuchi’s fractal dimension (HFD). Finally, in the classification stage, four classification methods were used—naïve Bayes, k-nearest neighbor (k-NN), convolutional neural network (CNN), and decision tree (DT)—for classifying emotional states. To evaluate the performance of our proposed model, experiments were applied to a common database called DEAP based on many evaluation models, including accuracy, specificity, and sensitivity. The experiments showed the efficiency of the proposed method; a 95.20% accuracy was achieved using the CNN-based method.