In the wake of COVID-19, university students have experienced fundamental changes of their learning and their lives as a whole. The present research identifies psychological characteristics associated with students’ well-being in this situation. Investigated relations of basic psychological need satisfaction (experienced competence, autonomy, and relatedness) with positive emotion and intrinsic learning motivation, considering self-regulated learning as a moderator. Self-reports were collected from 6,071 students in Austria (Study 1) and 1,653 students in Finland (Study 2).