Objective: This study examines the relationship between anxious thoughts and well-being, with physical symptoms and sadness rumination as mediators, in young people who suffer from anxiety in the first two years after the COVID-19 pandemic. Methods: A community sample of 198 participants, 94 males and 104 females, aged between 19 and 35 years, all of them experiencing an anxiety disorder in their past, answered an online survey during the years 2022–2023. The instruments were the Rumination of Sadness and Anger Questionnaire, The Burns Inventory, and Ryff’s Psychological Well-being Scale. The data analysis used hierarchical regression. Results: The results show that the conditional indirect effects of anxious thoughts on well-being are statistically significant (β = −0.29, SE = 0.08, p < 0.001) for high physical symptoms of anxiety (β = 0.25, SE = 0.11, p < 0.001) and for high sadness rumination (β = −0.82, SE = 0.04, p < 0.001). Physical symptoms of anxiety (β = 0.25, SE = 0.11, p < 0.001) and sadness rumination (β = 0.05, SE = 0.07, p < 0.001) have a partial serially mediating effect on the relationship between anxious thoughts and well-being (β = −0.74, SE = 0.02, p < 0.001).
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