Objective: Our objective was to examine the co-occurrence of sleep problems and emotion dysregulation and its short- and long-term links to depressive symptoms and alcohol use in a sample of university students. Method: Participants included 1132 first-year university students from Southern Ontario (70.5% women). Time 1 data were collected in February/March, 2010, and Time 2 data (n = 746) were collected in February/March, 2014. Participants were surveyed about sleep problems and emotion dysregulation (Time 1), and depressive symptoms and alcohol use (Times 1 and 2). Results: A latent class analysis revealed four groups: (1) Low Co-Occurrence, (2) Sleep Problems Only, (3) Emotion Dysregulation Only, and (4) High Co-occurrence. Group 4 had more depressive symptoms than all other groups in both the short- and long-term. Conclusions: First year university students with high co-occurrence of sleep problems and emotion dysregulation may be a target group for programs focused on reducing adjustment difficulties.