The issue of mental health of college students has been gaining momentum all over the world especially in the backdrop of a fast-paced digitalization and a shifting lifestyle trend. The proposed study focuses on investigating how the digital use of technology and lifestyle influence the mental health and well-being of college students. An acceptance of a quantitative research design was undertaken by adopting a cross-sectional survey research design and 140 college students participated in the study by filling out a structured questionnaire online. Lifestyle behaviors (sleep quality, physical activity, dietary habits, and time management) and the use of digital technology, academic-related factors, and financial stress and mental health were measured in the study using a five-point Likert scale. The SPSS was used in the analysis of data, including the reliability test, descriptive statistics, the correlation analysis, and the multiple regression analysis. The results indicate that mental health is positively influenced by lifestyle and health factors with a significant influence becoming the strongest predictor of psychological well-being. Conversely, both technology and other digital aspects show a strong negative correlation with mental health, which suggests that too much exposure to digital content can decrease well-being. When other variables were taken into consideration, academic and financial stress factors did not play a crucial role as (or predictive) variables. The paper emphasizes the significance of the healthy lifestyle and balanced use of digital tools in improving the mental health of college students.