“Wan Geng” (玩梗) refers to the playful creation, remixing, and sharing of internet memes. While a global online behavior, it carries distinctive linguistic features in the Chinese cultural context and has become an important way for young people to express emotions and shape identity. Drawing on Uses and Gratifications Theory, Emotion Regulation Theory, and Self-Efficacy Theory, this study examined how different “Wan Geng” motivations relate to emotion regulation strategies and emotion regulation self-efficacy among university students. Using convenience sampling, an online survey was conducted with 1,084 valid participants, who completed the College Students’ “Wan Geng” Motivation Scale, the Emotion Regulation Questionnaire, and the Regulatory Emotional Self-Efficacy Scale. Data were analyzed using SPSS and Mplus. Three findings emerged: (1) entertainment and group integration motivations were positively associated with emotion regulation self-efficacy; (2) “Wan Geng” motivations were linked to emotion regulation strategies; (3) entertainment, self-identity, and group integration motivations were indirectly associated with emotion regulation self-efficacy via emotion regulation strategies, while emotion regulation and entertainment motivations showed direct associations. These findings suggest that “Wan Geng” may constructively associated with university students’ emotion regulation, offering a fresh perspective on how culturally embedded online behavior relates to psychological well-being.