This study explored how extracurricular activities (ECAs) support the social and emotional development of Sri Lankan university students, guided by Social Learning Theory and the Positive Youth Development framework. A qualitative phenomenological design was used to examine students’ lived experiences of ECA participation. Place and Duration of Study: The study was conducted among students from public and private universities in Sri Lanka during an academic period using online interviews. Purposive sampling recruited five university students aged 20–30 who were actively involved in clubs, sports, or volunteer activities. Data were collected through semi-structured, open-ended interviews informed by Social Learning Theory and Positive Youth Development, and analyzed using Braun and Clarke’s (2021) thematic analysis. Three themes emerged: (1) Supportive environments fostering trust and belonging, (2) Development of competence and peer respect, and (3) Enhanced self-awareness, emotional well-being, and personal growth. Participants reported improvements in communication, leadership, emotional regulation, social networks, and collaborative decision-making. Despite limitations related to sample size and lack of longitudinal data, findings indicate that structured ECAs contribute meaningfully to university students’ social and emotional development. The study highlights the importance of integrating ECAs into institutional student development strategies and recommends further research using larger and longitudinal designs.