The aim of the research was to examine the relationship between dimensions of sensory processing sensitivity, emotional regulation strategies, and aspects of mental health. The study included 579 participants (320 females and 256 males, with three participants choosing not to disclose their gender), aged 18 to 30 years (M = 24.48; SD = 3.27). The Emotional Regulation Questionnaire (ERQ), Mental Health Continuum-Short Form (MHC-SF), and Highly Sensitive Person Scale (HSPS) were used. The research was conducted online. The results show a significant association between sensory processing sensitivity, emotional regulation strategies, and mental health. Gender differences in sensitivity were found; females exhibited significantly higher levels of high sensitivity in general, as well as higher levels of specific aspects. Males more frequently utilized expressive suppression compared to females. Three hierarchical regression analyses were conducted, and the results indicated that ease of excitation and expressive suppression were negative predictors of psychological, emotional, and social wellbeing. Aesthetic sensitivity was a positive predictor of psychological well-being. Cognitive reappraisal was a positive predictor of all three aspects of well-being. Awareness of one's high sensitivity, as well as working on adopting cognitive reappraisal, could have positive effects on the mental health of young individuals.