Neuroscientists have formulated the model of emotional intelligence (EI) based on brain imaging findings of individual differences in EI. The main objective of our study was to operationalize the advantage of high EI individuals in emotional information processing and regulation both at behavioral and neural levels of investigation. We used a self-report measure and a cognitive reappraisal task to demonstrate the role of EI in emotional perception and regulation. Participants saw pictures with negative or neutral captions and shifted (reappraised) from negative context to neutral while we registered brain activation. Behavioral results showed that higher EI participants reported more unpleasant emotions. The Utilization of emotions scores negatively correlated with the valence ratings and the subjective difficulty of reappraisal. In the negative condition, we found activation in hippocampus (HC), parahippocampal gyrus, cingulate cortex, insula and superior temporal lobe. In the neutral context, we found elevated activation in vision-related areas and HC. During reappraisal (negative-neutral) condition, we found activation in the medial frontal gyrus, temporal areas, vision-related regions and in cingulate gyrus. We conclude that higher EI is associated with intensive affective experiences even if emotions are unpleasant. Strong skills in utilizing emotions enable one not to repress negative feelings but to use them as source of information. High EI individuals use effective cognitive processes such as directing attention to relevant details; have advantages in allocation of cognitive resources, in conceptualization of emotional scenes and in building emotional memories; they use visual cues, imagination and executive functions to regulate negative emotions effectively.