Forgiveness often discussed as a religious idea is also a popular topic in psychology. Empirical studies have shown that forgiveness decreases anger, anxiety, and depression and increases self-esteem and hopefulness for the future. However, research on the relationship between various outcomes of forgiveness is scarce. Thus, we aimed at examining the mediating roles of anger and hope in the relationship between forgiveness and psychological health outcomes. A sample of college students from a large non-profit university (N = 202) filled out self-report measures on forgiveness, anger, anxiety, depression, hope, and self-esteem. A parallel mediation analysis examining the role of anger and hope in the forgiveness-psychological health link was conducted. Results supported the indirect effect of forgiveness on psychological health through anger and hope, and the two mediators had a comparable size of magnitude. Implications, limitations, and future directions are discussed.