The aim of this study was to examine the role of self-regulation failure in procrastination. In addition, it also aimed to investigate the effects of procrastination on affective well-being and academic life satisfaction. Three hundred and twenty-eight undergraduate students participated in the study. The most obvious finding emerging from this study is that the absence or lack of self-regulation skills, as an indicator of underregulation, plays a significant role in procrastination among college students. Whether procrastination is an underregulation or misregulation form of self-regulation failure, it has a negative impact on students' affective well-being. The contribution and implications of these findings were discussed in detail.