Aims: University students are typically at a developmental stage of transition from late adolescence to adulthood. Some researchers (e.g., Arnett, 2000) refer to this stage of psychosocial development as a period of "emerging adulthood". Erikson (1968) outlined that one of the key tasks at this stage of development is to seek and establish intimate relationships. Eccles and Gootman (2002) articulated further on these developmental tasks and identified one of the challenges faced by many late adolescents and young adults is an experience of intimate relationship with an opposite-sex partner. A satisfying romantic relationship can contribute to successful identity formation. Through building up social bonds with a significant other, a sense of being loved can be developed and one's self-worth can be boosted further. Yet, having a romantic relationship may not necessarily bring good to an individual. Some studies have shown that undesirable couple interactions can trigger increased negative emotions (such as guilt and regret) in couples, which in turn can lower their satisfaction with a romantic relationship. Thus, dissatisfying romantic relationships can result in deteriorated psychological wellbeing such as a low level of overall life satisfaction. Different people will have different viewpoints on whether university students should or should not be engaged in romantic relationships. Using a sample of university students, this study aimed to answer the following three questions: 1. Do university students engaging in romantic relationships have higher life satisfaction than those not engaging in this type of relationship? 2. Can more satisfying romantic relationships lead to higher life satisfaction 3. Do negative emotions associated with romantic relationships (feelings of guilt, feelings of regret, feelings of over-commitment) relate to dissatisfaction with the relationships? Method: A self-reported questionnaire composed of three measuring scales was completed by 368 university students from Macau. Of these respondents, 56% reported that they were engaging in romantic relationships at the time of data collection. The scales used were: Students' Life Satisfaction Scale developed by Huebner (1991) measuring global life satisfaction; Levesque's (1993) Relationship Satisfaction Scale to measure romantic relationship satisfaction and a 17-item measure of three dimensions of negative emotions associated with romantic relationships (feelings of guilt, feelings of regret, and feelings of over-commitment). Results: It was found that the global-life satisfaction of respondents engaging in romantic relationships were higher than those without any such relationships. The difference was found to be statistically significant with an independent sample t-test. This index of global-life satisfaction was correlated positively with scores of satisfaction with romantic relationships. To examine whether the three diemnsions of negative emotions associated with romantic relationship (feelings of guilt, feelings of regret, and feelings of over-commitment) could have an impact on satisfaction levels in relationships, correlational and regression analyses were conducted. These three negative feelings correlated negatively with satisfaction in the romantic relationship. Feelings of guilt and feelings of regret emerged as powerful predictors in determining levels of dissatisfaction with romantic relationships. Conclusion: There are diverse opinions on whether university students can benefit from engaging in romantic relationships. The findings from this study suggested that university students could benefit from having these relationships, as they reported a better overall life satisfaction than their counterparts (i.e., those without relationships). However, it does not mean that engaging in a romantic relationship can always bring good to an individual. Our findings showed that having a dissatisfying romantic relationship can do harm to one's psychological wellbeing (in terms of deteriorated overall life satisfaction). Furthermore, there was evidence that negative emotions associated with romantic relationships (such as feelings of guilt, feelings of regret, and feelings of over-commitment) could lower satisfaction with such relationships. Implications for guiding university students to enjoy a more enriching university life are discussed.