Drawing from and extending rejection sensitivity (RS) theory, we tested a serial mediation pathway model, whereby perceived parenting practices were expected to be indirectly related to participants’ depressive and trait-anxious symptoms through RS, as well as emotional and behavioural responses to rejection. Participants were 628 adolescents and young adults (M = 19.8 years, SD = 2.6, 65.3% female) completing self-report measures assessing current perceived parenting practices, RS, emotion dysregulation, emotion suppression, social withdrawal, and depressive and trait-anxious symptoms. In latent-variable structural equation modelling, a latent construct of more positive (and fewer negative) perceived parenting practices was directly associated with offsprings’ lower level of depression and trait-anxiety symptoms. Also, there were indirect associations of parenting via RS, emotion dysregulation, suppression, and social withdrawal, regardless of whether the model focused on depressive or trait-anxious symptoms. The findings provide further support of the importance for adolescents and young adults to perceive that they experience warm and autonomy-supportive relationships with their parents (instead of rejecting, coercive, or psychologically controlling relationships); along with providing an extended model whereby anxious expectations of rejection associates with greater emotional difficulties through negative responses to difficult emotions and the tendency to withdraw from such experiences. Together, perceived parenting practices and rejection-related beliefs and responses seem to activate a pathway to elevated depressive and trait-anxiety symptoms.