This study examines the mediating role of affective and continuance commitment in the relationship between pay satisfaction and voluntary turnover, and the moderating role of negative affectivity. Drawing from data collected at two points in time from a sample of human resource management professionals (N = 509), we found that affective and continuance commitment mediated the negative relationship of pay satisfaction to turnover. Moreover, pay satisfaction’s indirect negative relationship with turnover via affective commitment was weaker among respondents high in negative affectivity, while its indirect negative relationship with turnover via continuance commitment was stronger among those with high negative affectivity. Finally, the residual negative relationship of pay satisfaction to turnover was stronger at high levels of negative affectivity. We discuss the implications of this study for our understanding of the role of affective commitment, continuance commitment and negative affectivity in the pay satisfaction–turnover relationship.