Research findings indicate an increasing number of psychological problems in college students, most notably stress, anxiety, and depression. The concept of psychological functioning, which has exponentially grown in importance over the last few years, is self-compassion. Studies of self-compassion have shown a correlation between self-compassion and many other aspects of mental health, while other studies pointed out the importance of emotional regulation predictors in explaining psychological well-being. Because of the growing scientific interest in the study of psychological well-being as well as the factors associated with it, the main objective of this research was to examine the relationship between self-compassion, emotional regulation and psychological well-being (anxiety, somatization, and depression). The participants included 352 Croatian students, out of which 271 were female and 81 were male, while the average age of the participants was 22 years. The survey was conducted via an online questionnaire. The Self-Compassion Scale (Neff, 2003), the Questionnaire for Emotional Regulation and Control (Takšić, 2003) and the Short Inventory of Symptoms (Derogatis, 1993) were used. For the purposes of this research, confirmatory factor analysis was completed on the revised Croatian version of the Self-Compassion Scale (Klišmanić-Mrak, 2014) and the six-factor structure was adopted. Using the Hierarchical regression analysis, the independent contribution of selfcompassion and emotional regulation towards explaining the three aspects of psychological well-being (anxiety, somatization, and depression) was assessed. Self-compassion and emotional regulation were found to be significant predictors of both anxiety and somatization, while gender was only a significant predictor of somatization. Students who tend to overidentify with their feelings and who get lost in their thoughts, who are less inclined to pay attention and are less aware of their own emotions and thoughts, as well as less prone to use adaptive (or effective) emotional regulation strategies are more likely to express anxiety. Female students who are more prone to self-criticism and self-judgement and less prone to use adaptive strategies of emotional regulation are more likely to experience somatization. Selfcompassion was shown to be a significant predictor of depression, while the change in the significance of gender as a predictor was explained as an existing suppressor effect. Students with a tendency to feel isolated, detached and not being able to see their failures as part of a broader human experience, who are more inclined to self-criticism and self-judgment, and less inclined to pay attention as well as who are less aware of their own emotions and thoughts are more focused on depression. The exception is the result related to emotional regulation, which was not found to be a significant predictor in explaining depression.