Negative symptoms are common in psychotic disorders and significantly contribute to functional impairment. Deficits in reward processing and memory have been implicated as important factors which contribute to negative symptoms, leading to speculation that deficits in learning and memory of socially relevant information may be particularly important. Previous work has also found poorer learning of positive social behavior associations in psychotic disorders, but limitations have prevented an examination of symptom correlates of this diminished learning. In the present study, we used an updated social affective learning task to examine whether diminished accuracy in learning the affective value of others was related to motivation and pleasure negative symptoms as well as cognitive deficits. Results indicated that participants were able to use both positive and negative behavioral information to generate accurate socially evaluative perceptions. Results also demonstrated that reduced accuracy of learning from positive behavioral information was related to greater motivation and pleasure symptoms and cognitive deficits, including working memory, while reduced accuracy of learning from negative behavioral information was only related to cognitive deficits across multiple domains. When controlling for cognition, motivation and pleasure symptoms were no longer related to positive affective learning, but working memory remained related to learning when controlling for motivation and pleasure symptoms. These findings underscore the role of diminished positive affective learning in negative symptoms and suggest that poorer learning of the positive value of others may be one pathway through which cognitive deficits lead to reduced reward anticipation, defeatist performance beliefs, and negative symptoms.