We examined the independent, predictive utilities of optimism and pessimism for long-term physical and psychological recovery from coronary artery bypass graft (CABG) surgery. A sample of postoperative CABG patients (N = 212) was followed for 12 months. Results demonstrated support for the notion that optimism and pessimism are separable constructs that are not functionally equivalent. Overall, pessimism was more reliably predictive than optimism of positive affect, pain and functional status. There was also some support for the notion that pessimism and optimism may be important at different times in the recovery process. Exploring the independent associations of optimism and pessimism with both short- and longer-term outcomes is important for gaining a clearer understanding of the importance for wellbeing of a positive outlook.