Depression and suicidality profoundly impact cognition and emotion, yet objective neurophysiological biomarkers remain elusive. We investigated the spatiotemporal neural dynamics underlying affective semantic processing in individuals with varying levels of clinical severity of depression and suicidality using multivariate decoding of electroencephalography (EEG) data. Participants (N=137) completed a sentence evaluation task involving emotionally charged self-referential statements while EEG was recorded. We identified robust, neural signatures of semantic processing, with peak decoding accuracy between 300-600 ms -- a window associated with automatic semantic evaluation and conflict monitoring. Compared to healthy controls, individuals with depression and suicidality showed earlier onset, longer duration, and greater amplitude decoding responses, along with broader cross-temporal generalization and increased activation of frontocentral and parietotemporal components. These findings suggest altered sensitivity and impaired disengagement from emotionally salient content in the clinical groups, advancing our understanding of the neurocognitive basis of mental health and providing a principled basis for developing reliable EEG-based biomarkers of depression and suicidality.