Recently, a five-session processing of positive memories technique (PPMT) was proposed as a novel intervention for posttraumatic stress disorder (PTSD). One purported outcome of and mechanism underlying PPMT’s effects on PTSD is improved positive affect processes. In this uncontrolled pilot study, we examined whether PPMT was associated with decreases in PTSD severity; and whether changes in positive affect levels, reactivity, and dysregulation related to changes in PTSD severity across sessions. The sample included 16 trauma-exposed participants seeking services at a University Psychology Clinic (Mage = 27.44 years; 68.80% women). Multilevel linear growth models examined the main effects of each positive affect variable and their interactions with time on PTSD severity. PTSD severity decreased across PPMT treatment in each model (bs = −.43 to −.33; d = −.03; ps < .001–.008). There was a main effect of positive emotion dysregulation (b = 1.16, d = .11; p = .009), but not of positive affect levels (p = .821) or reactivity (p = .356) on PTSD severity. However, positive affect processes did not modify the trajectory of PTSD severity across treatment. Regarding PTSD symptom clusters, there was an interaction between positive affect levels and time on alterations in arousal and reactivity (AAR) cluster severity (b = −.01, p = .036); individuals with positive affect levels 1 SD above the mean (b = −.18, p < .01) and at the mean (b = −.10, p = .01) had greater decreases in AAR cluster severity across treatment compared with individuals with positive affect levels 1 SD below the mean (b = −.02, p = .710). Findings suggest that PPMT may relate to improved PTSD symptoms; and that positive affect levels/dysregulation may be worthwhile targets for future investigations.