The aim oft he present study was to examine the intercorrelations of different measures of emotion regulation (typical vs. maximum-performance) and their predictive capability in relation to various indicators of physical and psychological well-being. Moreover it was tested, whether the effect of typical-performance based emotion regulation ability on well-being is mediated by cognitive flexibility (in particular perseverative cognition like worry and rumination). Therefor 105 undergraduate students completed 3 measures of emotional intelligence, 4 measures of cognitive flexibility and 6 measures encompassing facets of well-being. Data yielded, as expected, no relation between typical-performance based and maximum-performance based emotion management. Self-assessed emotion regulation ability turned out to be the most relevant predictor of a broad range of indicators of well-being and furthermore facets of perseverative cognition. The effect of typical-performance based emotion regulation ability on facets of well-being like negative affectivity, bad mood, depression, somatic complaints and chronic stress was partial or fully mediated by facets of perseverative cognition. These findings can partly explain the often observed effects of emotion regulation on well-being.