Background: Happiness is crucial for human wellbeing. Nursing students encounter distinct challenges such as stress, burnout, and emotional exhaustion, which can negatively impact their mental health. Cultural and societal factors also influence happiness.Objective: This study conducted a comparative analysis of Big Five personality traits and emotional regulation (ER) as predictors of happiness among nursing students in Saudi Arabia and Jordan.Methods: This cross‐sectional study included 739 nursing students from Jordan and Saudi Arabia who were selected using a multistage sampling technique. The instruments utilized in this study were the short version of the Big Five Inventory for assessing personality, Oxford Happiness Inventory for measuring happiness levels, and Emotional Regulation Questionnaire for evaluating ER. To identify the predictors of student happiness, stepwise regression analysis was conducted, and cross‐country comparisons were made using a “pool analysis” method.Results: The findings indicated that 62.1% of the participants reported moderate levels of happiness, whereas 36.0% reported high levels. There were significant differences in happiness levels between Jordan and Saudi Arabia (p = 0.003), with Jordanian students reporting lower happiness levels. In Saudi Arabia, there were significant variations based on age (p = 0.049) and academic year (p = 0.013). Multiple regression analysis revealed that higher agreeableness, extraversion, and conscientiousness were positively associated with happiness while openness had a weak association. Conversely, higher Neuroticism, being in Jordan, and being male were negatively associated with happiness. Nominal regression analysis indicated that extraversion and agreeableness are significant predictors of higher levels of happiness, whereas neuroticism is associated with lower levels of happiness. Furthermore, males and non‐Saudis were more likely to report lower levels of happiness.Conclusion: This study revealed notable determinants of happiness among nursing students in Saudi Arabia and Jordan. ER, Big Five personality traits, and demographic factors play influential roles. Overall, the robust regression model emphasized the dependability of these findings, providing valuable insights for nursing education and interventions aimed at improving student wellbeing. From a practical standpoint, these findings can guide the development of personalized mental health support programs and interventions designed to enhance the happiness and wellbeing of nursing students.