A skills‐based model of healthy relationship functioning—romantic competence (RC)—is described. Its association with relationship and individual well‐being was examined in three studies of emerging adults using the Romantic Competence Interview for Emerging Adults (RCI–EA), which measures competence as the interplay of three skill domains. Across studies (women [n = 102], women and men [n = 187], romantic couples [n = 89]), RC was associated with greater security, healthier decision making, greater satisfaction, and fewer internalizing symptoms. The RCI–EA skill domains formed a latent factor and were associated with self‐reports reflective of RC, supporting the construct's validity. The RC construct may thus provide a theory‐driven, overarching way to characterize healthy romantic functioning that can reduce negative outcomes.