Quality of attachment relationships developed within an institutional environment may be a risk or protective factor for the creation of life aspirations and for emotion regulation abilities among adolescents in residential care contexts. The present study aims to analyze the predictive role of attachment on life aspirations for adolescents in a residential care context, as well as to test the mediating effect of emotion regulation difficulties in this association. The sample included 296 adolescents living in Residential Care facilities in Portugal, with ages raging between 12 and 18 (M = 15.30, SD = 1.76), being 71.6% female. Self-report measures included the Experiences in Close Relationships, the Difficulties in Emotion Regulation Scale, the Aspiration Index, and a sociodemographic questionnaire. Attachment figure negatively predicts the importance of life aspirations, while difficulties in emotional regulation mediate the association between attachment and life aspirations. Associations of length of institutionalization and age of entrance on residential care were tested and discussed. Practical implications were considered highlighting the importance of intervention with young people, the family, and caregivers in residential care.