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The purpose of this study was to test Affection Exchange Theory in the context of college students’ relationships with their grandparents by examining the extent to which college students’ reports of received love and esteem, caring, memories and humor, and celebratory affection from their grandparents are associated with grandchildren's mental health (i.e., stress, depression, and loneliness). Two hundred-fourteen young adult grandchildren (i.e., 18–25 years old) completed a series of questionnaires. In support of the hypotheses, the results of partial Pearson correlational analyses indicate that grandchildren's stress, depression, and loneliness are negatively related to their received memories and humor and celebratory affection from their grandparents. Surprisingly, grandchildren's mental health was not significantly related to their received love and esteem and caring affection from their grandparents.