Mathematics anxiety has always been an interesting topic to study and discuss in the world of education. This study aimed to (1) investigate the impact of teacher roles, mathematics content, and mathematics anxiety on learning motivation, and (2) explore how students manage mathematics anxiety as a stimulus in learning motivation. This research used mixed methods with embedded concurrent design. The research sample was 100 respondents. The questionnaire instrument was arranged based on a Likert scale with 5 answer choices. This study used a structural equation model and confirmatory factor analysis as data analysis methods. The research findings indicated that: (1) a significant direct impact emerged between mathematics anxiety and students' learning motivation, and there was an indirect impact between the teacher's role and mathematics content on learning motivation; (2) students could manage mathematics anxiety when they were in optimal anxiety or positive anxiety so that they could overcome mathematics anxiety as a stimulus for achievement and deconstruct anxiety into motivation according to experience and personal resources. Results of this study confirmed that the statements about mathematics anxiety which always has a negative impact on motivation and learning achievement is not universal, because mathematics anxiety does not always have a negative impact on motivation and learning achievement if this anxiety is managed effectively.