Background: Although alcohol consumption is a leading risk factor for major illnesses, warning labels are still not being used. Alcohol consumption is related to positive and negative outcome expectancies, which both play a crucial role. This study compared the effectiveness of warning labels that contradicted positive outcome expectancies with health‐related warning labels among a college‐aged German sample (N = 40). Method: Half of the participants received health‐related warning labels while half received positive‐related warning labels. Implicit attitudes were assessed before and after warning‐label exposure. Explicit attitudes and outcome expectancies were assessed after exposure. Participants’ usual drinking behavior was assessed before exposure to warning labels, and their drinking intentions were measured afterwards. Results: Participants exposed to positive‐related warning labels had marginally more negative implicit attitudes compared to their own prior attitudes. They tended to perceive lower social and higher negative outcome expectancies than the health‐related warning labels group. Importantly, the positive‐related warning labels group's drinking intentions tended to be lower than those of the health‐related warning labels group. Conclusions: This first test of warning labels that contradict positive alcohol outcome expectancies provided promising results; thus warning labels could be considered as means to influence college‐aged people.