The current study was aimed to test a developmental model of dissociation. This model is based on clinical observations and research findings concerning the role of childhood emotional neglect in the development and maintenance of dissociative symptoms. Seven hundred ninety-two adult volunteers completed questionnaires on parental bonding, theory of mind, alexithymia, and dissociation. Significant associations were found between the investigated variables, and a multiple mediation analysis showed that the relationship between childhood emotional neglect and dissociation was totally mediated by theory of mind and alexithymia. The findings of this study support the view that childhood experiences of emotional neglect may foster difficulties mentalizing as well as problems with affect regulation, with these two factors interacting to generate excessively activated dissociative processes. This may suggest that individuals who were exposed to emotional neglect during their childhood and who currently suffer from dissociative symptoms may greatly benefit from clinical interventions aimed to foster mentalized affectivity.