The theory of positive youth development emphasizes the importance of increasing internal strengths and external resources that are part of young people’s own development contexts. One of the most prominent models in positive youth development is the 5C’s model, which refers to five social, psychological and behavioral characteristics that indicate thriving. Prior research studies have established the protective role of the 5C’s associated to different risk factors, such as substance use or depression in European and North American countries. Nevertheless, there is a lack of research in Latin American countries like Peru. The purpose of this research study was to evaluate the associations between the 5C’s of positive youth development, perceived stress and social support in emergent adults. Participants were 299 young people (60.9% females). Results revealed a negative effect of the 5C’s on perceived stress, (β = −.68, p < 0.001), as well as a positive effect of the 5C’s on instrumental social support, (β = 0.23, p < 0.001), and on emotional social support, (β = 0.29, p < 0.001). No significant effects of the dimensions of social support on perceived stress were found. Implications regarding research and practices are discussed.