Music can effectively induce emotional arousal, which is associated with the release of stress hormones that are important for the emotional modulation of memory. Thus, music may serve as a powerful modulator of memory and mood, making it a promising therapeutic tool for memory and mood disorders such as Alzheimer’s disease or depression. However, music’s impact on memory depends on its features, timing, and ability to elicit emotional arousal. In the current study, we manipulated various features of music played during post-encoding memory consolidation to elicit emotional arousal and impact subsequent memory in men and women. We found that larger increases and moderate decreases in post-encoding music-induced emotional arousal from baseline resulted in gist versus detail trade-offs in memory, with improved general memory but impaired detailed memory, while moderate increases in arousal from baseline corresponded to improved detailed memory, but impaired general memory. Importantly, relative to controls, music-induced emotional arousal demonstrated unique impacts on detailed memory that are crucial in supporting episodic memory. These findings suggest that music intervention does not uniformly impact memory and has important implications in developing personalized music-related interventions for those with memory and mood impairments.