The current study (n=340 college students) examined individual differences in affective functioning among daily tobacco users, occasional users, and non-users. Tobacco use frequency in the past 6 months was positively associated with negative affect, affect lability, and rising reactivity while negatively associated with positive affect and falling reactivity. Multinomial logit analysis indicated that affect lability was positively associated with the likelihood of being either a non-user or a daily user relative to an occasional user. Positive affect and falling reactivity were positively associated and rising reactivity negatively associated with the likelihood of being a non-user relative to a daily user. The results indicate that daily tobacco use is associated with multiple indices of dysregulated affect. Daily tobacco use is associated with increased reactivity and decreased emotional stability coupled with decreased positive affect and a slowed rate of returning to baseline once aroused. Greater affect lability emerged as the primary affective difference between daily and occasional users.