Neuroplastin 65 (Np65) is a brain‐specific cell adhesion molecule that is highly expressed in the hippocampus, amygdala, and cortex, regions of the brain that are associated with memory and emotions. However, the role of Np65 in regulation of emotional behavior is still unclear. In the present study, we show that Np65 knock‐out (Np65 KO) mice display enhanced anxiety‐like behavior, a reduction in some aspects of depressive‐like behaviors, and increased sociability and memory. Biochemical investigations revealed that Np65 KO mice show increased adult‐born neurons and proliferation in the hippocampus. In addition, the level of 5‐hydroxytryptamine (5‐HT) in the hippocampus was reduced. The expression of tryptophan hydroxylase 2 in the brainstem and the expression of the 5‐HT3A receptor were also decreased. Electrophysiological recordings confirmed an impaired maintenance of long‐term potentiation in the hippocampus of Np65 KO mice. Together, our findings uncover a role for Np65 in regulating anxiety‐ and depressive‐like behaviors and suggest that Np65 may be essential for the maintenance of emotional stability, indicating that it might be an attractive potential target for treatment of psychiatric disorders.