Objective Previous research has demonstrated associations between satisfaction with information and reduced emotional distress in cancer patients. However, as most studies were cross‐sectional, the direction of this relationship remained unclear. We therefore aimed to test whether information satisfaction predicted subsequent depression and anxiety levels, and, reciprocally, depression and anxiety levels predicted subsequent information satisfaction, thus clarifying the direction of impact. Methods We performed a secondary analysis of a prospective cohort study with 436 female breast cancer patients (mean age 51 years). We measured information satisfaction with 2 self‐developed items, symptoms of depression with the 2‐item Patient Heath Questionnaire and symptoms of anxiety with the 2‐item Generalized Anxiety Disorder Scale. We created 2 structural equation models, 1 for depression and 1 for anxiety, that examined the prediction of 1‐year depression (or anxiety) levels by baseline information satisfaction and, in the same model, 1‐year information satisfaction by baseline depression (or anxiety) levels (cross‐lagged panel analysis). Results Baseline information satisfaction predicted 1‐year levels of both depression (beta = −0.17, P < .01) and anxiety (beta = −0.13, P < .01), adjusting for the baseline scores of the outcome variables. Conversely, baseline levels of depression (beta = −0.12, P < .05) and anxiety (beta = −0.16, P < .01) predicted 1‐year information satisfaction, adjusting for its baseline score. Conclusion Our results suggest a bidirectional relationship between information satisfaction and symptoms of depression and anxiety. Thus, provision of information may reduce subsequent depression and anxiety, while reducing depression and anxiety levels may increase satisfaction with received information. Combining the provision of information with emotional support may be particularly beneficial.