Emotion regulation is a multifaceted process essential to mental health. This review synthesizes established theoretical models within an integrative framework of emotion regulation that links individual regulatory abilities with the dynamic processes through which emotions are modulated. It outlines how these abilities develop through the interplay of biological predispositions and environmental factors, learning processes, and beliefs about emotion and highlights how regulatory abilities and process-level dynamics interact within a feedback-sensitive system. Repeated failures in this system, in turn, can contribute to psychopathology and behavioral problems. The review then examines how psychological interventions—from traditional cognitive and behavioral therapies to approaches that explicitly target emotion regulation—engage with these components. Special attention is given to emerging digital interventions. Findings on emotion regulation as a potential treatment mechanism are reviewed; these findings indicate that improvements in regulatory ability and reductions in maladaptive strategies frequently mediate treatment outcomes. The review concludes by identifying conceptual and methodological challenges and outlining future directions.