Researchers acknowledge a strong association between the frequency and duration of environmental reward and affective mood states, particularly in relation to the etiology, assessment, and treatment of depression. Given behavioral theories that outline environmental reward as a strong mediator of affect and the unavailability of an efficient, reliable, and valid self-report measure of environmental reward, we developed the Environmental Reward Observation Scale (EROS) and examined its psychometric properties. In Experiment 1, exploratory factor analysis supported a unidimensional 10-item measure with strong internal consistency and test-retest reliability. When administered to a replication sample, confirmatory factor analysis suggested an excellent fit to the 1-factor model and convergent/discriminant validity data supported the construct validity of the EROS. In Experiment 2, further support for the convergent validity of the EROS was obtained via moderate correlations with the Pleasant Events Schedule (PES; MacPhillamy & Lewinsohn, 1976). In Experiment 3, hierarchical regression supported the ecological validity of the EROS toward predicting daily diary reports of time spent in highly rewarding behaviors and activities. Above and beyond variance accounted for by depressive symptoms (BDI), the EROS was associated with significant incremental variance in accounting for time spent in both low and high reward behaviors. The EROS may represent a brief, reliable and valid measure of environmental reward that may improve the psychological assessment of negative mood states such as clinical depression.