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Abstract This study explored how emerging adults processed the COVID-19 pandemic based on their identity, mental well-being, and political ideology. Participants (N = 231; M age = 20.3; SD = 1.36) completed an online survey with five ordered measures: Dimensions of Identity Development Scale, pandemic processing narratives, pandemic experience questionnaire, the Patient Health Questionnaire-8, and political ideology and demographic questionnaire. Analyses revealed that individuals with poorer mental well-being and/or more liberal political ideology self-reported more negative effects of the pandemic on their lives. Yet, aspects of emerging adults’ identity development were associated with positive interpretation of experiences during the first year of the COVID-19 pandemic: Greater ‘exploration in breadth’ and ‘identification with commitment’ positively predicted redemptive arcs (finding the positive) in narratives about the pandemic. Finally, political ideology was an important factor in emerging adults’ experience of the pandemic. Notably, conservative participants self-reported better mental well-being, fewer negative effects of the pandemic, and higher levels of identity commitment. Yet, conservative participants with high levels of ‘commitment making’ were less likely to find the positive when writing about negative events. Whereas, greater ‘commitment making’ reduced the likelihood of redemptive arcs when writing about a negative event, but only for those with a conservative political ideology. Together these results suggest that aspects of identity development may be protective when emerging adults face challenges and individual factors (e.g., well-being and political ideology) can also exert effects on emerging adults’ ability to navigate global and political crises.