Previous research has shown that physical exercise improves memory. In the present study, we investigated the possible effects of the intensity of physical exercise as a function of the affective valence of words on implicit memory. In the study, 79 young adult volunteers were randomly assigned to perform moderate- (50% VO2max) or high-intensity exercise (80% VO2max) on a stationary bike. Once the required exercise intensity was achieved, participants performed an affective and repetition priming task concurrently with the physical exercise. Both groups showed similar repetition priming. The moderate-intensity exercise group showed affective priming with positive words, while affective priming was not found in the high-intensity exercise group. Facilitation occurred in both groups when a negative target word was preceded by a positive prime word. Our results suggest that the positive effect of physical exercise on memory is modulated by the affective valence of the stimuli. It seems that moderate-intensity exercise is more beneficial for implicit memory than high-intensity exercise.