Anxiety and social withdrawal are common internalizing problems among children linked to poor emotion regulation (ER). We investigated how specific components of ER (emotion awareness, emotion regulation strategy) are associated with generalized anxiety and social withdrawal in the two ER domains (intrapersonal and interpersonal). Study participants were 398 fourth- and fifth-grade students (49% girls) and 22 teachers from a Midwestern state in the United States. Study constructs were measured with student self-report, peer nominations, and teacher reports. We found anxiety was linked to poorer intrapersonal emotion awareness and greater use of adaptive and maladaptive intrapersonal regulation strategies. Social withdrawal was associated with poorer interpersonal emotion awareness and lower use of supportive and unsupportive interpersonal regulation strategies. Social withdrawal was also negatively associated with intrapersonal, adaptive strategy. The findings highlight the relevance of intrapersonal and interpersonal domains of ER in helping anxious and socially withdrawn children regarding their unique emotion regulation difficulties.