Despite the kraepelinian differentiation of schizophrenia and bipolar disorder, several data questioned this net subdivision and suggested a continuity between the two. An was suggested, assuming a common psychotic core between the two disorders, as well as cognitive and affective differences. The present study aimed to investigate similarities and differences between schizophrenia and bipolar disorder for what entails the affective dimension of the . A coordinate-based meta-analytic approach on neuroimaging data was applied to understand differences and similarities in the visual perception of negative stimuli in the two groups. The activation likelihood estimation analysis included 41 experiments on schizophrenia (schizophrenia versus healthy controls) and 27 experiments on bipolar disorder (bipolar versus healthy controls). Our conjunction analysis results revealed the presence of shared functional abnormalities in thalamic, parahippocampal, and basal ganglia areas, suggesting that these patients share an altered circuit responsible for a heightened elaboration of negative emotional stimuli. The subtraction analysis highlighted that the two groups present differences too. Schizophrenia patients show widespread abnormalities in limbic, temporal, sub-lobar and midbrain regions possibly involved in emotional processing and hallucinations. On the other hand, bipolar patients show alterations in frontal areas associated with emotional appraisal, regulation, and response inhibition. This study sheds light on both similarities and differences in the emotional processing of schizophrenic and bipolar patients, and may help to better characterise the affective features of these two conditions along a continuum.