The rising popularity of energy drinks among adolescents and young adults has raised concerns about their potential health and psychological effects. This study explored energy drink consumption among emerging adults in Uruguay, a high-income country in Latin America. A cross-sectional online survey was conducted with 321 participants recruited via social media. The questionnaire included closed, multiple-choice, and open-ended questions grouped into six sections: (i) self-reported consumption, (ii) intended effects, consumption occasions, and perceived negative effects, (iii) attitudes, (iv) strategies to discourage consumption, (v) psychological traits, and (vi) sociodemographic information. Results showed that 85.0% of participants had consumed energy drinks at some point in their lives, 37.4% in the past 30 days, and 17.4% had mixed them with alcohol during that period. Logistic regression analyses revealed significant associations (p < 0.05) between consumption and gender, activity status, attitudes, and health/safety-related risk-taking tendency. Participants most frequently cited energy, wakefulness, and concentration as intended effects, often linked to demanding contexts such as studying late, working long hours, or going out at night, suggesting that energy drinks are commonly used as coping mechanisms. Participants suggested a range of strategies to reduce consumption, including educational campaigns, structural changes in academic and work environments, and regulatory measures. Overall, the findings underscore the importance of implementing multifaceted public health strategies that address both individual motivations and broader social and environmental influences on energy drink consumption.