This study attempts to ascertain whether alexithymia, suppression and reap- praisal coping, and humor styles account for incremental variance in happiness (Lyubo- mirsky’s scale) and psychological well-being (Ryff’s scale), after controlling for Big Five traits and emotional positivity ratio of previous day’s mood. A total of 355 psychology undergraduates (72 % women) responded to measures of ... [Show full abstract] each construct, and two hierar- chical multiple regressions were carried out for happiness and psychological well-being. The Big Five were entered in the first regression block, alexithymia was entered in a second block, and affiliative, self-enhancing, aggressive and self-defeating humor style, reappraisal and suppression coping were entered in the third block, and previous day’s mood in the last step. Alexithymia accounted for a small proportion of variance in psy- chological well-being, controlling for the Big Five traits. Suppression and affiliative, self- enhancing and self-defeating humor explained a complementary amount of variance in happiness and psychological well-being, controlling for the previous day’s mood, con- firming the association of emotional regulation and affect with judgments of happiness and well-being. Taking into account humor and suppression, the multivariate association of alexithymia disappears. Results suggest that low suppression, low self-critical use of humor and affiliative humor are correlates of psychological well-being, whereas self- enhancing humor and low suppression are correlates of happiness, playing a mediational role between personality traits and well-being.