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Background The COVID-19 pandemic has changed our interpersonal relationships drastically. However, few research studies have examined pandemic-induced stress and its impact on relationship quality. The current research aimed to examine COVID-19 related stress and anxiety in relation to relationship satisfaction, well-being (i.e., positive affect and life satisfaction), and interpersonal emotion regulation strategies (i.e., perspective-taking, enhancing positive affect, social modeling, and soothing), to understand the effects of pandemic-induced stress on both an individual and a relational well-being. The moderating effect of interpersonal emotion regulation strategies toward COVID-19 related stress was also examined. Methods The sample consisted of 877 married Turkish adults ( N female = 613, M age = 35.00; N male = 264, M age = 39.21). Data were analyzed with structural equation modeling, and moderation effects were tested. Results As hypothesized, structural equation modeling revealed that greater COVID-19 related stress was associated with lower well-being, and that this relationship was mediated by relationship satisfaction. Findings indicated that IER strategy of increasing positive emotions was associated with greater relationship satisfaction and well-being. Unexpectedly, interpersonal emotion regulation strategies moderated neither the relationship between COVID-19 related stress and relationship satisfaction nor the relationship between COVID-19 stress and well-being. Conclusions Our findings support the vulnerability-stress-adaptation framework and draw attention to the importance of examining the effects of COVID-19 stress and relationship satisfaction.