Background <p>The July-August 2024 student protest in Bangladesh was associated with a rise in misinformation and disinformation, threatening the mental well-being of students. This study investigated the association of student activism, exposure to misinformation and disinformation with mental health outcomes among the university students of Bangladesh during the July-August 2024 student protest.</p> Methods <p>The cross-sectional online survey was conducted from September to October 2024, among Bangladeshi university students aged 18–30 using a non-probability convenience sampling strategy (<i>N</i> = 565). A self-administered Google Form was distributed via online platforms. Anxiety and depression were assessed using standardized GAD-7 and PHQ-9 tools. Univariate, bivariate, and multivariate analyses were conducted in Stata version 14.2.</p> Results <p>Participants were evenly distributed across age groups (18–30 years), with most coming from rural areas (68.5%). Among them, 38.05% participated in the protests occasionally, while 29.56% did so frequently, mostly motivated by personal beliefs (92.39%). Over one-third of respondents (38.05%) encountered misinformation, yet 85.39% felt moderately confident in recognizing it. The main contributor to this misinformation was self-belief bias (50.97%). The majority of the students reported severe anxiety and depression. Female participants had 1.67 times higher odds of elevated depression compared to males (95% CI: 1.22 to 2.29, <i>p</i> &lt; 0.001). Distress related to the activism was highly associated with the outcomes (<i>p</i> &lt; 0.001).</p> Conclusion <p>The findings highlight the psychological vulnerability of university students and its significant connection to activism and exposure to misinformation and disinformation. It is essential to provide targeted mental health support and media information literacy, particularly for protesting students as their anxiety and depression may be prolonged affecting their quality of life.</p>