The present study examined relationships of trait mindfulness to indices of mood, executive functions, and emotion regulation in 153 university students of both genders aged 18–30 years. Participants completed a questionnaire battery consisting of the Mindful Attention Awareness Scale (MAAS), Depression, Anxiety and Stress Scales (DASS-21), Negative Mood Regulation (NMR) scale, Frontal Systems Behavior Scale (FrSBe), Barratt Impulsiveness Scale (BIS-11), Toronto Alexithymia Scale (TAS-20), and the Alcohol Use Disorders Identification Test. As predicted, MAAS mindfulness scores were significantly positively related to NMR expectancies and negatively related to DASS Depression, Anxiety and Stress scores, all three FrSBe indices of prefrontal cortex dysfunction, BIS-11 impulsivity, and TAS-20 alexithymia. Findings are consistent with the notion that trait mindfulness reflects aspects of executive function and emotion regulation, processes dependent on the functional integrity of the prefrontal cortex. Such higher-order processes may underlie the widely reported associations between mindfulness and subjective well-being.