Intrapersonal emotion dysregulation has been found to be a transdiagnostic predictor in the development of almost all affective disorders. Interpersonal resources are also involved in achieving people’s emotion regulation goals. The Interpersonal Regulation Questionnaire (IRQ) has been developed to assess the tendency and efficacy of people using external resources to help manage their emotions. Under the restrictions of the COVID-19 pandemic, the role of interpersonal emotion regulation in individuals’ adjustment and well-being remains unclear. This study aimed to investigate the optimal factor structure of the IRQ in Chinese culture using an exploratory structural equation modeling approach and to examine the associations between interpersonal emotion regulation, tested by the IRQ, and young people’s intrapersonal emotion dysregulation and social and emotional well-being. The sample consisted of 556 college students aged from 17 to 31 from Mainland China. Factor analyses suggested that the four-factor structure was the optimal model for the current data. Females reported a higher tendency to use external resources to regulate their negative emotions and higher efficacy in regulating negative emotions. The Chinese version of the IRQ (C-IRQ) presented adequate psychometric properties and would be a useful tool for measuring interpersonal emotion regulation behaviors.