Several studies have shown that physical exercise (PE) improves behavior and cognitive functioning, reducing the risk of various neurological diseases, protecting the brain from the detrimental effects of aging, facilitating body recovery after injuries, and enhancing self-efficacy and self-esteem. Emotion processing and regulation abilities are also widely acknowledged to be key to success in sports. In this study, we aim to prove that regular participation in sports enhances cognitive and emotional functioning in healthy individuals. A sample of 60 students (mean age = 22.12; SD = 2.40; M = 30), divided into sportive and sedentary, were subjected to a neuropsychological tests battery to assess their overall cognitive abilities (Raven's Advanced Progressive Matrices, APM), verbal and graphic fluency (Word Fluency Task and modified Five Point Test, m-FPT), as well as their emotional awareness skills (Toronto Alexithymia Scale, TAS-20). Our results showed that sportive students performed better than sedentary ones in all cognitive tasks. Regarding emotional processing abilities, significant differences were found in the TAS-20 total score as well as in the Difficulty Describing Feelings (DDF) subscale and the Difficulty Identifying Feeling (DIF) subscale. Lastly, gender differences were found in the External-Oriented Thinking (EOT) subscale. Overall, our findings evidence that PE has positive effects on cognitive functioning and emotion regulation, suggesting how sports practice can promote mental health and wellbeing.