The present study focused on the relationships between positive/negative thinking, identity exploration, and psychological adjustment in emerging adulthood. We also examined whether identity exploration was a moderator on the relationship between positive/negative thinking and psychological adjustment. The sample included 313 young adults aged between 18-30, with 82 males and 231 females. The online questionnaires included Automatic Thoughts Questionnaire, Identity Development Scale, Satisfaction with Life Scale, subscales of depression and anxiety in the SCL-90R. The results showed that for emerging adults, positive thinking was a strong predictor of life satisfaction, while negative thinking predicted depression and anxiety, after effects of other variables were statistically controlled. More importantly, exploration in breadth moderated the relationship between negative thinking and depression. In other words, exploration in breadth could buffer the adverse impact of negative thinking on depression. Our findings have valuable implications for theories and practices.