Objective: Mental health has become a global concern. Therefore, this study aimed to assess perceived stress among students from Mumbai, India and to explore its association with socioeconomic, demographic, lifestyle, academic and work-related factors. Methods: A cross-sectional study was conducted among college students from various co-ed colleges in Mumbai from March 2023 to June 2023. The Perceived Stress Scale (PSS-10) questionnaire was used to measure the perceived stress. Descriptive statistics, chi-square tests, t-tests, and multivariable linear regression analyses were performed to analyze the data. P-values < 0.05 were considered significant. Results: A total of 1230 students enrolled in the study, with a mean age of 20.24 ± 2.39 years. The mean PSS score was 21.51 ± 5.73. Gender, residence, health problems, sleep duration, and non-practice of meditation were significantly associated with higher perceived stress scores, whereas, the type of course pursued did not show a significant association. Conclusion: This study highlights the prevalence of moderate perceived stress among college students in Mumbai, India. This emphasizes the need for interventions such as promoting healthy lifestyle habits, encouraging participation in extracurricular activities, organizing yoga and meditation sessions and conducting regular screenings for timely identification and management of stress and related conditions.