The present study examined if frequency and quality of 3 types of leisure activities (i.e., relaxation, achievement, and social) can function as protective factors for subjective well‐being (SWB) and career adaptability (CA) among 184 unemployed emerging adults (84 women, 100 men). Participants responded to measures of leisure frequency and quality, SWB, and CA. The results of a multivariate analysis of variance indicated that the frequency of relaxation, achievement, and social leisure activities had no effect on SWB and CA. However, regression analyses indicated that the quality of social leisure activities significantly predicted SWB and the quality of achievement and social leisure activities significantly predicted CA. The quality of relaxation leisure activities was not associated with SWB and CA. Findings indicate that counselors who work with unemployed emerging adults can use leisure activities to promote SWB and CA. Future research to better understand the role of leisure in well‐being and career development among emerging adults is encouraged.