Abstract Objectives Emotion regulation flexibility has been conceptualized as a multi‐componential construct involving context sensitivity, repertoire and feedback responsiveness. Psychosis research has yet to incorporate these new developments in the study of emotion regulation. Thus, we sought to advance even further the knowledge on emotion regulation in psychosis by adopting the emotion regulation flexibility approach as proposed by Bonanno and Burton ( Perspectives on Psychological Science , 2013, 8, 591). Method In total, 401 participants completed 4 scales assessing the multi‐components of emotion regulation flexibility and psychosis‐proneness. Results Our results indicated that Context Sensitivity (i.e., Cue Absence) and Feedback Responsiveness (i.e., Evaluation) were associated with psychosis‐proneness. Cue absence was specifically associated with the positive dimension, while both Cue Absence and Enhancement ability were associated with the negative dimension. Conclusions Overall, our results suggest that emotional context insensitivity is the most relevant component of regulatory flexibility in the case of psychosis‐proneness. Thus, the disruption in this first step of flexible emotion regulation might be already present in those prone to psychosis. Difficulties in decoding appropriately the contextual cues might further disrupt the other steps of emotion regulation contributing to the psychotic (−like) experiences. This study needs replication in clinical and non‐clinical samples.