Go to the Options > Discussion panel and make sure that An administrator must approve the comment (regardless of any matches below) is unchecked. With that option selected, all comments are sent to the moderation queue to await approval. Make sure that Hold a comment in the queue if it contains more than x links is not blank and contains a number higher than zero. If this value is blank or zero, all comments containing links will be moderated. If the option mentioned above is unchecked, the link moderation value is higher than zero, and you still have this problem, your Spam Words list probably has blank lines, punctuation marks, or single letters between the information in the list. There should be spaces between the listed items or each item must be on its own line. If you have done this, then upgrade the comment spam plugins you have installed. If this continues to be a problem, deactivate the comment spam plugins one by one to determine the culprit and contact the plugin author for help.
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