This paper reports a study that investigates and compares the effects of foreign language proficiency, social status of a learner’s family, self-esteem, and competitiveness on FL anxiety. Chinese university students (N = 146), who were learning Japanese and English, participated in this study. Social status data were collected once with the Social Status Scale. Other variables were measured twice over a two-month interval, using the Competitiveness Index, the Self-esteem Scale, the English/Japanese Classroom Anxiety Scale, and the English/Japanese Proficiency Scale. Results showed that foreign language proficiency, competitiveness, and self-esteem all significantly predicted foreign language anxiety levels. Foreign language proficiency was the best predictor, followed by self-esteem, then competitiveness. A negative relationship was revealed between these predictor variables and foreign language anxiety. Social status was not related to foreign language anxiety, either directly or indirectly.