The sex disparity in the development of depression has long been an important research topic, but the sex-related differences in neural activity during emotion regulation have been less thoroughly studied. It was hypothesized that, during the regulation of emotion, there would be more activation in the prefrontal regions implicated in cognitive processing for males, while there would be more activation in the prefrontal regions implicated in affective processing for females. This fMRI study recruited 12 females and 12 males who were required to view or to regulate the negative and positive emotion induced by some emotion-arousing pictures. During the regulation of negative emotion, both males and females had stronger activation in the left anterior cingulate gyrus, but males showed more activation in the prefrontal regions in general, including the left dorsolateral and lateral orbitofrontal gyrus as well as the right anterior cingulate gyrus, while females only showed stronger activation in the left medial orbitofrontal gyrus. For the regulation of positive emotion, both males and females showed stronger activation in the left dorsomedial prefrontal gyrus, but males were found to also have stronger activity in the left lateral orbitofrontal gyrus. It was concluded that there are common as well as sex-specific sets of brain regions involved in regulating negative and positive emotion, and the findings may have significant implications for females' vulnerability to developing depression.