Introduction: Bipolar spectrum disorders (BSDs) encompass severe and chronic mood disorders associated with social functioning difficulties. However, little work has examined more nuanced aspects of social functioning in BSDs. Methods: This investigation recruited 1, 934 emerging adult college students to examine associations of self-reported bipolar spectrum risk (including both BSD risk and current mania and depressive mood symptoms) with social functioning with peers (including social network quantity and quality, social support, and social strain). Results: Self-reported BSD risk was associated with greater social strain, but also greater social network quantity (or size) and social support. Post-hoc results suggest that self-reported mood symptoms were similarly associated with increased social conflict, but also greater social network quantity (or size) and social support. Discussion: Taken together, these findings indicate a complex picture in which BSD risk and mood symptoms are associated with both social struggles as well as strengths. Implications for the involvement of social functioning in mood disturbance are discussed.