Objective: Mental health has become a global concern. Therefore, this study aimed to assess perceived stress among students from Mumbai, India and to explore its association with socioeconomic, demographic, lifestyle, academic and work-related factors. Methods: A cross-sectional study was conducted among college students from various co-ed colleges in Mumbai from March 2023 to June 2023. The Perceived Stress Scale (PSS-10) questionnaire was used to measure the perceived stress. Descriptive statistics, chi-square tests, t-tests, and multivariable linear regression analyses were performed to analyze the data. P-values < 0.05 were considered significant. Results: A total of 1230 students enrolled in the study, with a mean age of 20.24 ± 2.39 years. The mean PSS score was 21.51 ± 5.73. Gender, residence, health problems, sleep duration, and non-practice of meditation were significantly associated with higher perceived stress scores, whereas, the type of course pursued did not show a significant association.