The present study examined the associations between trait mindfulness and depressive symptoms, anxiety symptoms (i.e., worry), and alcohol-related problems via decentering and purpose in life. Using structural equation modeling in a large sample of college students (N = 1,277), we found support for decentering and purpose in life as partial mediators of the associations between trait mindfulness and these outcomes. Although our findings should be viewed as preliminary given the cross-sectional study design and study population, our results are consistent with the notion that decentering and purpose in life may be mechanisms explaining the health beneficial effects of mindfulness. Future research studies with extensive assessments of potential mechanisms using experimental and longitudinal designs are needed to bolster confidence that decentering and purpose in life are important mechanisms explaining the health-promoting effects of mindfulness.