Background: Higher occupational status has consistently been shown to be associated with better health, but few studies have to date examined if an upward change in occupational status is associated with a positive change in health. Furthermore, very little is known about whether this association differs by sex. Methods: Data were derived from four waves (2008-14) of the Swedish Longitudinal Occupational Survey of Health (SLOSH), a follow-up study of a nationally representative sample of the Swedish working population. The present study comprises 1410 men and 1926 women. A dynamic panel model with fixed effects was used to analyse the lagged association between job promotion on the one hand and self-rated health (SRH) and symptoms of depression on the other. This method allowed controlling for unobserved time-invariant confounders and determining the direction of causality between the variables. Multigroup comparisons were performed to investigate differences between the sexes. Results: The results showed that job promotion was associated with decreased subsequent SRH and increased symptoms of depression among both men and women. Women reported a larger relative worsening of self-rated health following a job promotion than men and men reported a larger relative worsening of depression symptoms. There was limited evidence that SRH and symptoms of depression were associated with subsequent job promotion. Conclusions: The present study indicates that a job promotion could lead to decreased SRH and increased symptoms of depression in a 2-4-year perspective. Associations appear to differ for women and men.