Stress around COVID-19 among university students is associated with higher physical symptom burden and worse overall health status. This study examined whether RNT and trait forgiveness mediate the link between perceived stress and health outcomes among Chinese university students. A total of 1342 students participated in a survey during the middle of the semester that assessed perceived stress, RNT, trait forgiveness, and various health outcomes. Results revealed significant mediating effects of both RNT and trait forgiveness on the relationship between perceived stress and health outcomes, including anxiety, depression, sleep quality, and physical health. Moreover, the interplay between RNT and trait forgiveness mediated this association. These findings provide a theoretical basis for understanding the interactions among perceived stress, RNT, trait forgiveness, and health outcomes, highlighting the importance of addressing stress and RNT to enhance forgiveness and overall well-being in university students.