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The COVID-19 pandemic has impacted many people’s standard operating procedures in ways that require behavioral and psychological adjustments. Research indicates widespread stress and anxiety during the pandemic. What is still less known is which pandemic-influenced factors are most directly impacting psychological wellbeing, and whether emotion regulation abilities are moderating this impact. Two-hundred thirty participants were recruited through Amazon Mechanical Turk (MTurk) to complete an online survey composed of assessments of perceived stress, state anxiety, emotion regulation abilities, and pandemic-related behavioral and lifestyle impacts. Multiple behavioral and lifestyle impacts were predictors of both stress and anxiety. Additionally, emotion regulation difficulty moderated the relationship between several pandemic-related predictors and stress and anxiety. The current study provides evidence that emotion regulation moderates the degree to which pandemic-related changes impact stress and anxiety. Emphasizing adaptive emotion regulation strategies may strengthen one’s ability to cope with these pandemic-related changes and increase mental wellbeing, although even these strategies might have limited efficacy during periods of greater disruption. [ABSTRACT FROM AUTHOR]