Understanding the neural processing of emotion may provide a knowledge base for uncovering the pathophysiology of psychiatric disorders. Affective neuroscience has evolved with the advent of functional neuroimaging providing evidence for specific subregional functions and neural correlates of different levels and steps in emotional processing. This article reviewed recent functional neuroimaging findings on the neural processing of emotion in consistently reported regions including the prefrontal cortex, amygdala, basal ganglia, and the insula. Neural networks related to processing affective valence, implicit and explicit levels of emotional processing and emotional awareness were identified. These functional neuroimaging findings provide evidence for an appraisalist view of emotion as a process of quickly identifying and appraising environmental signals and responding appropriately for survival.