Helicopter parenting during emerging adulthood, a developmental period highlighting autonomy and self-reliance, can undermine college students’ well-being. The current study examined the mediating role of emotion dysregulation in the association between helicopter parenting and mental health outcomes among college-aged adults. A sample of 790 college students completed questionnaires on perceived helicopter parenting, emotion dysregulation, depression, social anxiety, and alcohol use. Results generally supported the hypothesized mediation model, but associations depended on the specific helicopter parenting behavior, emotion dysregulation dimension, and mental health outcome. Autonomy limiting was particularly detrimental to all emotion dysregulation dimensions and mental health, whereas information-seeking behaviors may be beneficial to emerging adults’ outcomes. Impulse control difficulties and lack of emotional clarity emerged as robust mediators. The findings highlight the importance of disentangling specific helicopter parenting behaviors as well as emotion dysregulation as a mechanism of risk, providing useful clinical implications for the improvement of college students’ well-being.