•Stressors from COVID-19 was positively related to onset of stress-consequences.•Stressors from COVID-19 was positively related to engagement in rumination.•Rumination mediated the link between stressors of COVID-19 and stress-consequences.•Psychological support buffered the effect of COVID-19 stressors on rumination.•Psychological support buffered the effect of rumination on stress-consequences. As COVID-19 spreads rapidly, this global pandemic has not only brought the risk of death but also spread unbearable psychological pressure to people around the world. The aim of this study was to explore (a) the mediating role of rumination in the association between stressors of COVID-19 and stress consequences of college students, and (b) the moderating role of psychological support in the indirect relationship between stressors of COVID-19 and stress consequences of college students. Eight hundred and forty-one Chinese college students (Mage = 19.50 years, SD = 1.580) completed the measures of stressors of COVID-19, stress consequences, rumination, and psychological support. Stressors of COVID-19 were significantly positively associated with stress consequences, and mediation analyses indicated that rumination partially mediated this association. Moderated mediation analysis further revealed that psychological support buffered the relation between stressors of COVID-19 and rumination, as well as the relation between rumination and stress consequences. Findings of this study demonstrated that stressors associated with COVID-19 is positively related to rumination, which in turn, is related to stress consequences in college students. However, psychological support buffered this effect at both indirect mediation paths, suggesting that college students with greater psychological support may be better equipped to prevent negative stress consequences.