The objective of the research was to specify the predictors of positive and negative emotions experienced by Poles during the second wave of the COVID-19 pandemic. The researchers used the following standardized measurement tools: emotions (PANAS), mood (UMACL), satisfaction with life (SWLS), optimism (LOT-R), and coping with stress (CISS). They also used a questionnaire to collect sociodemographic information and data concerning COVID-19 infections. In total, 595 participants (80.50% women) aged 18–75 participated in the research. It was concluded that the predictors of positive emotions included a task-oriented coping style, level of satisfaction with life, being a man, hedonic tone in the description of mood, and being an employed student. The negative predictors of positive emotions included emotion-oriented coping and the level of energetic arousal in the description of mood. The predictors of negative emotions were tense arousal in the description of mood, emotion-oriented coping, being over 60 years of age, and changes in respondents’ standard of living. The negative predictors of negative emotions included living in a medium-sized town or in a village. The research conclusions encourage us to pay special attention to possible at-risk groups threatened with mental health disorders and to factors that protect people against negative psychological consequences of the COVID-19 pandemic.