Τhe purpose of the current study was to examine the positive impact of music listening and musical emotion regulation strategies as predictors of students’ affect during COVID-19 lockdown. Two hundred and three students from University of Western Macedonia completed an on-line self-report questionnaire consisting of Positive Music Listening Experience Scale, Music Uses and Gratifications Scale, Positive and Negative Affect Schedule. Results indicate that students’ positive affect is positively related with positive impact of music listening as well as with negative mood management, whereas negative affect is negatively related with negative mood management. Furthermore, positive impact of music listening was the only predictor of students’ positive affect, while both emotion regulation strategies were predictors of students’ negative affect. Results indicate the importance of music listening as an emotion regulation strategy of students during pandemic. The practical applications and limitations of the research are discussed.