The exoneree population is growing rapidly, and legislatures are increasingly contemplating whether and how to better support exonerees’ reentry, yet our understanding of exonerees’ mental health and other postrelease needs remains somewhat limited. The current study measured trauma exposure and mental health, including various protective and risk factors, in the largest-ever sample of exonerees. Fifty-nine exonerees completed online measures of trauma exposure, posttraumatic stress disorder (PTSD) symptoms, depressive symptoms, perceived social support, negative posttraumatic cognitions (including self-blame), and personal history (e.g., time served, time since release, race, cause of conviction, and compensation received). Overall, 80% of exonerees reported experiencing at least one significant traumatic event while incarcerated, and approximately half reported clinically significant symptoms of PTSD (48–52%) and/or depression (51%). Exonerees who reported stronger social support, weaker negative cognitions about the self and world, and/or full-time employment exhibited better mental health—but mental health was unrelated to time served, time since release, financial compensation, or false confession. Our findings underscore the importance of legislative actions that guarantee exonerees access to holistic and long-term transitional support (e.g., mental health counseling, vocational and financial literacy training). For clinicians, our findings also highlight specific psychotherapeutic approaches that may be effective with exonerated clients.