Research Findings: During the COVID-19 pandemic, the education system faced unprecedented challenges, including global school closures, the cancellation of face-to-face teaching, and ultimately school step-wise or partial reopening. Childcare providers have faced additional significant stressors from the beginning of the outbreak. The present study aimed at investigating the effect of childcare providers' regulatory emotional self-efficacy on their subjective well-being (i.e. positive and negative affect), including indirectly through a reduction in stress during the first COVID-19 lockdown in Italy. Three hundred and sixty-four childcare providers at daycares and preschools in Italy participated in the study by completing an online survey. A structural equation model revealed an indirect effect between self-efficacy beliefs in the management of negative emotions and negative affect, via stress. More specifically, childcare providers with high self-efficacy beliefs in the management of negative emotions experienced less negative affect, alongside lower levels of stress. Practice or Policy: The findings suggest the crucial role played by childcare providers' regulatory emotional self-efficacy beliefs in protecting their subjective well-being during the COVID-19 outbreak. The practical implications of the study are discussed.