The detrimental effects of test anxiety on knowledge acquisition as well as performance can occur by interfering with students' motivational tendencies and the use of effective cognitive and learning strategies. A promising conceptual approach to the constellation of student characteristics that may moderate the effects of test anxiety is self-regulation, the processes that maintain the cognition, affect, and behavior necessary to achieve intended goals. Self-regulation involves study environment management and the effort to regulate the learning process, securing academic success. This study examined the ways in which test anxiety and students' use of self-regulation relate to students' motivational tendencies, use of learning strategies, and academic performance. These relationships were examined by focusing on 429 college students who were low-, medium-, or high-test anxiety subjects and either low or high self-regulated learners. While definite relationships between test anxiety and self-regulation on students' motivation and use of learning strategies were found, moderating effects were not seen, at least as far as self-regulation was operationalized in this study. These findings suggest the need for additional studies of whether alternative ways to operationalize self-regulation may reveal moderating effects. (Contains 2 tables and 31 references.) (Author/SLD)