The cognitive basis of emotion regulation (ER) has been extensively studied in the last decade. Especially inhibitory control (IC) has been proposed as an obvious candidate contributor to ER. However, inconsistent findings on the relationship between IC and ER have been reported, partly because previous studies applied single task measures in relatively small samples. Therefore, we examined the relationship between IC and ER using a powerful within-subjects design in a large sample of 190 young healthy adults. This study reached a power to detect correlations above r = .20. IC was measured with a battery of six commonly used tasks, and a latent variable approach was applied to provide a purer measure of IC ability. ER was measured with self-report measures on habitual use of ER strategies, and behavioral and physiological measures during a laboratory reappraisal task (valence and arousal ratings, corrugator electromyography, skin conductance response, heart period). Consistent results from standard and Bayesian analyses indicated that IC was not related to any ER measure (all p > .196; all r < .2; Bayes Factors for the null hypothesis (BF01) ranged between 1–12, indicating moderate to strong evidence in favor of the null hypothesis). The results are in line with recent neuroimaging findings and suggest that IC and ER rely on rather distinct processes. By providing the first systematic account in the largest sample to date, this study makes an important contribution for the understanding of cognitive control processes in ER and highlights challenges for further research.