Electrophysiological and functional neuroimaging findings indicate that the neural mechanisms underlying the processing of emotional dimensions (i.e., valence, arousal) constitute a spatially and temporally distributed emotional network, modulated by the arousal and/or valence of the emotional stimuli. We examined the time course and source distribution of gamma time-locked magnetoencephalographic activity in response to a series of emotional stimuli viewed by healthy adults. We used a beamformer and a sliding window analysis to generate a succession of spatial maps of event-related brain responses across distinct levels of valence (pleasant/unpleasant) and arousal (high/low) in 30-100 Hz. Our results show parallel emotion-related responses along specific temporal windows involving mainly dissociable neural pathways for valence and arousal during emotional picture processing. Pleasant valence was localized in the left inferior frontal gyrus, while unpleasant valence in the right occipital gyrus, the precuneus, and the left caudate nucleus. High arousal was processed by the left orbitofrontal cortex, amygdala, and inferior frontal gyrus, as well as the right middle temporal gyrus, inferior parietal lobule, and occipital gyrus. Pleasant by high arousal interaction was localized in the left inferior and superior frontal gyrus, as well as the right caudate nucleus, putamen, and gyrus rectus. Unpleasant by high arousal interaction was processed by the right superior parietal gyrus. Valence was prioritized (onset at ∼60 ms) to all other effects, while pleasant valence was short lived in comparison to unpleasant valence (offsets at ∼110 and ∼320 ms, respectively). Both arousal and valence × arousal interactions emerged relatively early (onset at ∼150 ms, and ∼170 ms, respectively). Our findings support the notion that brain regions differentiate between valence and arousal, and demonstrate, for the first time, that these brain regions may also respond to distinct combinations of these two dimensions within specific time windows.