INTRODUCTION: Neural oscillations are essential for encoding cognitive and emotional processes. While prior research has shown the involvement of limbic-prefrontal structures in emotional regulation, the spectral features such as the balance between rhythmic oscillations and aperiodic activity are less well understood. METHODS: Nine patients implanted with stereotactic EEG electrodes for seizure localization completed an emotional regulation task involving neutral and negative images. Each trial included a 1-second fixation, a 1.5-second cue to either “look” (attend) or “less” (reappraise), 4-second image viewing, and subjective ratings of valence and arousal. Spectral features were extracted across regions and analyzed using stratified linear regression to assess modulation by affective ratings. RESULTS: Negative image trials elicited higher arousal and valence compared to neutral, with both decreasing during reappraisal of negative images. Higher valence correlated with increased gamma center frequency in the amygdala, decreased gamma, beta, and theta frequencies in the insula and orbitofrontal cortex (OFC), and in the hippocampus, decreased beta and theta but increased alpha frequency. Arousal was linked to increased beta frequency in the hippocampus and OFC, and decreased beta in the insula. Gamma power increased with arousal in the amygdala and OFC. For lower frequencies, arousal decreased power in the insula; in the OFC, alpha, beta, and delta power decreased, but theta power increased. OFC theta power decreased significantly during non-reappraisal of negative images (p = 0.00075), and beta power declined during reappraisal (p = 0.0167). Aperiodic exponent in the OFC increased during both non-reappraisal (p = 0.00062) and reappraisal (p = 0.00011), indicating a shift toward reduced excitation/inhibition (E/I) ratio. CONCLUSIONS: Emotional perception and regulation shape both oscillatory and aperiodic activity in limbic-prefrontal circuits. These findings underscore the importance of E/I balance and site-specific frequency mechanisms in affective regulation.