The neuro-physiological response to stress has far-reaching implications for learning and memory processes. Here, we examined whether and how the stress-induced release of cortisol, following the socially-evaluated cold pressor test, influenced the acquisition of preferences in an evaluative conditioning (EC) procedure. We found that when the stressor preceded the evaluation phase, cortisol responders showed decreased evaluative conditioning effects. By contrast, impairing effects of a stressor-induced cortisol release before encoding were not found. Moreover, explicit memory was not found to be affected by the stressor or its timing. Implications of the timing-dependent effects of stress-induced cortisol release on EC and the relation between stress and associative memory are discussed.