The present study focuses on the role of positive emotion regulation as a potential mechanism for linking trait emotional intelligence (EI) and subjective well-being (SWB). We examined whether the savouring and dampening of positive emotions mediate the relationship between trait EI and the two components of SWB: life satisfaction and subjective happiness. A sample of 254 participants completed measures of trait EI, life satisfaction, subjective happiness, and the typical use of savouring and dampening strategies. Analyses indicated that trait EI was positively correlated with the two components of SWB and savouring strategies, and negatively correlated with dampening strategies. Furthermore, savouring strategies were positively related to life satisfaction and subjective happiness, whereas dampening strategies were negatively related to life satisfaction and subjective happiness. Notably, path analyses indicated that the savouring and dampening of positive emotions partially mediated the relationship between EI and both life satisfaction and subjective happiness. The findings corroborate an important role of trait EI in promoting SWB and suggest that part of its beneficial effect reveals itself through positive emotion regulation.