Research indicates that mindfulness is linked to higher-order neurocognitive control processes, and the associated executive functions and self-regulation capacities needed in daily life. The current study examines the roles of executive function and self-regulation in the link between dispositional mindfulness and well-being using a multi-method, two-phase longitudinal design. Two multiple mediator models were tested in a sample of 77 undergraduate students. Self-regulation independently mediated the relationship between mindfulness and positive affect; however, both executive function and self-regulation independently mediated the relationship between mindfulness and negative affect. The mindfulness facets of acting with awareness and non-judgment were most strongly related to executive function and well-being outcomes, while describing and acting with awareness were most strongly related to self-regulation. Performance-based neurocognitive control was related to self-regulation and positive affect, and a test of inhibition/shifting was related to executive function in daily life. Thus, students who are more dispositionally mindful than their peers tend to be non-judgmental and act with awareness, rather than on automatic pilot, which may engage executive functions and self-regulation.