Background: Youth in India carry a large proportion of the global burden of mental health disorders and subclinical distress. They prefer to seek mental health support from informal sources. One such source—online mental health peer-support forums (OMHPSFs)—is under-researched. This study aims to explore the perspectives of youth and mental health professionals and counselors (MHP&Cs) in terms of the scope and utility of and inclination to use OMHPSFs for maintaining youth mental well-being. Methods: An exploratory, cross-sectional, mixed-methods study was conducted. A total of 141 Indian nationals aged 18–29 years were enrolled using convenience sampling and administered a survey. In the qualitative phase, six youth and seven MHP&Cs were interviewed. Results: Ninety (63.8%) and 106 (75.2%) participants indicated a high inclination to use OMHPSFs to seek and provide support, respectively. More than three-quarters of the surveyed youth stated that OMHPSFs should be a space for emotional and informational support to deal with life challenges. A total of 127 (90.1%) participants reported that OMHPSFs would be useful to find out how others their age deal with similar life challenges. A thematic analysis of interviews revealed that anonymity, accessibility, appeal, and ease of use enhance youth inclination toward OMHPSFs. The role of MHP&Cs in training, supervision, and moderation and strategies to popularize OMHPSFs were outlined and recommended. Conclusion: Sampled youth showed a high inclination to use OMHPSFs to seek and provide mental health support to their peers. Stakeholders consider OMHPSFs as relevant in scope and utility to alleviate mental health concerns among Indian youth.