AbstractPositive coping (e.g., self‐efficacy and positive reappraisal) and savoring could bear mental health implications under large‐scale disasters such as COVID‐19. The integrative affect–regulation framework of psychological resilience proposes that evaluative efforts regulate affect, which then predicts positive short‐term consequences and better mental health. This two‐wave study was done during the prolonged, intensive COVID‐19 control rules in Hong Kong and examined (1) the prospective associations of positive coping processes (i.e., self‐efficacy and positive reappraisal) (T1, March–August 2021) with subsequent psychiatric symptoms (T2, September 2021–February 2022) and (2) the mediating effect of T2 savoring in the associations. Path analyses revealed that T1 self‐efficacy and positive reappraisal were inversely related to T2 psychiatric symptoms. T2 savoring partially mediated the effect of T1 self‐efficacy but fully mediated the effect of T1 positive reappraisal. Self‐efficacy could have more sustainable direct positive associations with mental health, whereas the benefit of positive reappraisal might need to be catalyzed by savoring over time. Our study offered concrete illustrations of the conceptual tenets of the affect–regulation framework.