The accurate estimation of time-to-collision (TTC) is essential for the survival of organisms. Previous studies have revealed that the emotional properties of approaching stimuli can influence the estimation of TTC, indicating that approaching threatening stimuli are perceived to collide with the observers earlier than they actually do, and earlier than non-threatening stimuli. However, not only are threatening stimuli more negative in valence, but they also have higher arousal compared to non-threatening stimuli. Up to now, the effect of arousal on TTC estimation remains unclear. In addition, inconsistent findings may result from the different experimental settings employed in previous studies. To investigate whether the underestimation of TTC is attributed to threat or high arousal, three experiments with the same settings were conducted. In Experiment 1, the underestimation of TTC estimation of threatening stimuli was replicated when arousal was not controlled, in comparison to non-threatening stimuli. In Experiments 2 and 3, the underestimation effect of threatening stimuli disappeared when compared to positive stimuli with similar arousal. These findings suggest that being threatening alone is not sufficient to explain the underestimation effect, and arousal also plays a significant role in the TTC estimation of approaching stimuli. Further studies are required to validate the effect of arousal on TTC estimation, as no difference was observed in Experiment 3 between the estimated TTC of high and low arousal stimuli.