There are two methods for controlling the position of the text relative to the icon - - setVerticalTextPosition() and setHorizontalTextPosition(). There are three settings for each axis, which allows for a total of nine positions. 
To control the gap between the text and icon, see e749 Setting the Gap Size Between the Label and Icon in a JButton Component. 

Note: Not all placements are possible. For example, it is not possible to place the text above the icon with their left edges aligned. The nine possible placements are demonstrated below. 

    // To create a button with an icon, see e746 Adding an Icon to a JButton Component
    
    // Place text over center of icon; they both occupy the same space
    button.setVerticalTextPosition(SwingConstants.CENTER);
    button.setHorizontalTextPosition(SwingConstants.CENTER);
    
    // Place text above icon
    button.setVerticalTextPosition(SwingConstants.TOP);
    button.setHorizontalTextPosition(SwingConstants.CENTER);
    
    // Place text below icon
    button.setVerticalTextPosition(SwingConstants.BOTTOM);
    button.setHorizontalTextPosition(SwingConstants.CENTER);
    
    // Place text to the left of icon, vertically centered
    button.setVerticalTextPosition(SwingConstants.CENTER);
    button.setHorizontalTextPosition(SwingConstants.LEFT);
    
    // Place text to the left of icon and align their tops
    button.setVerticalTextPosition(SwingConstants.TOP);
    button.setHorizontalTextPosition(SwingConstants.LEFT);
    
    // Place text to the left of icon and align their bottoms
    button.setVerticalTextPosition(SwingConstants.BOTTOM);
    button.setHorizontalTextPosition(SwingConstants.LEFT);
    
    // Place text to the right of icon, vertically centered
    button.setVerticalTextPosition(SwingConstants.CENTER);
    button.setHorizontalTextPosition(SwingConstants.RIGHT);
    
    // Place text to the right of icon and align their tops
    button.setVerticalTextPosition(SwingConstants.TOP);
    button.setHorizontalTextPosition(SwingConstants.RIGHT);
    
    // Place text to the right of icon and align their bottoms
    button.setVerticalTextPosition(SwingConstants.BOTTOM);
    button.setHorizontalTextPosition(SwingConstants.RIGHT);

 Related Examples