The present experience sampling study investigated the effect of age on emotion regulation patterns (i.e., emotion regulation strategy effectiveness, variability, and differentiation) in daily life. The study further explored the implications of potential age differences in emotion regulation patterns for well‐being. A sample of 406 adults (age range: 18–81, 62.8% female) were prompted five times a day for seven days to rate momentary emotions, emotion regulation strategy use, and emotion regulation strategy effectiveness. Based on these ratings, indicators of emotion regulation variability and differentiation were calculated. Well‐being outcomes included daily positive and negative emotions, and symptoms of depression and anxiety assessed at baseline. The findings revealed reduced emotion regulation variability with age and a negative association between emotion regulation variability and well‐being. There were no associations between age and emotion regulation effectiveness or differentiation. Emotion regulation effectiveness was associated with more positive and less negative daily emotions, and these associations were stronger for younger adults compared to older adults. Drawing on prominent lifespan theories, the findings may indicate that as people age, they select and apply a few strategies that they know will be effective given the context and their resources which leads to reduced emotion regulation variability but ultimately more well‐being. Concerning emotion regulation effectiveness, the findings suggest that effectiveness is less important for emotional well‐being in daily life in older adulthood possibly because well‐being is determined by other factors (e.g., less frequent and more predictable stressors) with age.