In cognitive psychology, increasing task load impairs effortful processing such as selective attention and working memory operations (accessing/updating). However, it is unclear whether stress, which is assumed to be a factor that consumes cognitive resources, has a similar effect as task load on selective attention and working memory. Herein a literature review reveals that the apparently mixed findings with regard to working memory can be interpreted based on task load; the effect of stress emerges only with high task loads. In contrast, psycho-social stress tends to impair selective attention, but physical stress may improve it. Moreover, some recent studies have found that psycho-social stress interacts with perceptual load, suggesting that load and stress manipulations consume common cognitive resources.