The symptoms of emphysema develop gradually over many years. It is a common occurrence for many emphysema patients to have lost over half of their functioning lung tissue before they become aware that something is wrong. Shortness of breath, a chronic mild cough (which may be productive of large amounts of dark, thick sputum, and often dismissed as "smoker's cough"), and sometimes weight loss are associated with emphysema. Initially, a patient may only notice shortness of breath when he or she is exercising.

However, as the disease progresses, it will occur with less exertion or no exertion at all. Emphysema patients may also develop an enlarged, or "barrel,", chest. Other symptoms may be skipped breaths, difficulty sleeping, morning headaches, increased difficulty breathing while lying down, chronic fatigue, and swelling of the feet, ankles, or legs. Those with emphysema are at risk for a variety of other complications resulting from weakened lung function, including pneumonia.