Abstract The rising social value of pet ownership is influenced by social media and evidence of positive effects on well-being, leading to a rise in dog ownership in younger generations. However, the mental health outcomes of this broader shift, especially in India, have not been studied. The study explored the association between dog owners’ relationships, mental health, and satisfaction with life among university students. A cross-sectional correlational design was used with 250 students aged 18–25 who were either dog owners or without pets. The dog owners responded to the Monash Dog Owner Relationship Scale, apart from the Mental Health Continuum and Satisfaction with Life Scale. Results showed a non-significant difference between mental health and satisfaction with life between dog owners and non-pet respondents. A positive relationship could not be established between dog ownership, mental health, and satisfaction with life. The dog’s gender and breed influenced the owners’ emotional bonding and interactions. Low perceived costs were related to a strong emotional bond with the dog, highlighting the complex nature of the pet ownership experience. Dog ownership’s effect on students’ well-being is not universal and might depend on various individual, cultural, and contextual factors. Exploration of these human-animal interactions is warranted.