Unpleasant affect fades faster than pleasant affect, and this phenomenon is referred to as the fading affect bias (FAB). The FAB is moderated and mediated by many variables, including rehearsal and memory specificity, and researchers have emphasized the importance of memory for the FAB, but research has not evaluated the link of the FAB to objective memory measures. Using diary methodology across the span of 1 week, the current study examined the relation of event memory to the FAB for (1) social media events in Experiment 1 (n = 30) and (2) social media and non-social media events with longer titles in Experiment 2 (n = 63) than in Experiment 1. The FAB was negatively predicted by false memories for (1) social media events in Experiment 1 and (2) both social media and non-social media events in Experiment 2. These relations were mediated by rehearsals in both experiments. Implications are discussed.