It is commonly assumed that stress impairs memory retrieval. Glucocorticoids, released with a delay of several minutes in response to stressful experiences, are thought to play a key role in the stress-induced retrieval impairment. Accordingly, most studies on the impact of stress on retrieval tested memory a considerable time after stressor exposure, when glucocorticoid levels were elevated. Here, we asked how stress affects memory when retrieval takes place under stress, that is, when stress is part of the retrieval situation and glucocorticoids are not yet increased at the time of testing. To contrast stress effects on ongoing and delayed memory retrieval, 72 participants learned first neutral and emotional material. Twenty-four hours later, half of the learned material was tested either in a stressful, oral examination-like testing situation or in a standard, non-stressful free recall test. Memory for the other half of the learned material was assessed 25 min after the first, stressful or non-stressful retention test. Significant increases in blood pressure and salivary cortisol confirmed the stress induction by the first, examination-like testing situation. Retrieval performance under stress was positively correlated with the blood pressure response to the stressor but unaffected by cortisol. Conversely, retrieval performance 25 min post stress was negatively correlated with the cortisol response to the stressor, particularly for emotional items. These results suggest that the same stressor may have opposite effects on ongoing and delayed memory retrieval, depending on the presence of autonomic arousal and glucocorticoids.