Sleep supports memory consolidation, but the specific roles of different sleep stages in this process remain unclear. While rapid eye movement sleep (REM) has traditionally been linked to the processing of emotionally charged material, recent evidence suggests that slow wave sleep (SWS) also plays a role in strengthening emotional memories. Here, we use targeted memory reactivation (TMR) during REM and SWS in a daytime nap to directly examine which sleep stage is primarily involved in consolidating emotional declarative memories. Contrary to our hypothesis, reactivating emotional stimuli during REM impairs memory. Meanwhile, TMR benefit in SWS is strongly correlated with the product of time spent in REM and SWS. The emotional valence of cued items modulates both delta/theta power and sleep spindles. Furthermore, emotional memories benefit more from TMR than neutral ones. Our findings suggest that SWS and REM have complementary roles in consolidating emotional memories, with REM potentially involved in forgetting them. These results also expand on recent evidence highlighting a connection between sleep spindles and emotional processing.