Objective: College students' psychological health may be compromised due to the COVID-19 pandemic. Here, we aimed to identify risk (eg, perceived risk of contracting COVID-19) and protective factors (ie, social support, mindfulness) for positive (ie, subjective happiness, satisfaction with life) and negative (ie, depression, anxiety, stress) aspects of psychological health. Participants: Participants were 251 college students at a mid-Atlantic university. Method: Self-report online survey data were collected between March and May 2020 using established measures of risk perception, mindfulness, social support, and psychological health. Results: Greater perceived risk of contracting COVID-19 was associated with greater depression, anxiety, and stress. Greater mindfulness was a protective factor for psychological health. Greater social support was associated with less depression, and greater happiness and life satisfaction. Conclusions: Programs that teach students how to cultivate mindfulness and supportive relationships and reduce their risk of contracting COVID-19 may help protect against depression, stress, and anxiety.