The rise of artificial intelligence (AI) has led to dramatic changes in the learning environment and living conditions of college students, who face enormous psychological challenges in the ubiquitous AI environment. Modern student-management research has focused on developing mechanisms for enhancing life satisfaction, alleviating emotional anxiety, and improving self-confidence. This study aims to investigate the influence of participation in cultural and artistic activities on college students’ life satisfaction. Through a questionnaire survey and data analysis of 708 college students, this study found a significant positive relationship between participation in cultural and artistic activities and college students’ life satisfaction. Further mediation analysis showed that positive psychological capital played a mediating role between participation in cultural and artistic activities and life satisfaction. Additionally, emotional intelligence was found to play a moderating role in this relationship, and college students with higher emotional intelligence had a more significant effect on positive psychological capital in terms of participation in cultural and artistic activities. The results of this study herein provide a new understanding of life satisfaction research among college students and offer practical guidance for promoting college students’ mental health and psychological well-being. This research also demonstrates the importance of participation in cultural and artistic activities and encourages college students to be active therein to enhance their psychological capital and improve life satisfaction. Furthermore, the cultivation and enhancement of emotional intelligence is emphasized as a key factor for college students to improve their psychological well-being through cultural and artistic activities.