English holds a dominant position in the L2 context, particularly for programs aimed at developing composite English skills. Despite this, the influence of individual differences on listening comprehension within the business English framework remains underexplored. Therefore, this study investigates the structural relationships among second language (L2) listening anxiety, L2 listening self-efficacy, and English-as-a-foreign-language (EFL) listening comprehension, considering metacognitive awareness as a potential mediating factor. Data were collected through questionnaires from 342 Chinese undergraduates enrolled in business English programs. Using Structural Equation Modeling (SEM) with a bootstrapping approach, the results demonstrated that both L2 listening anxiety and self-efficacy exert direct and indirect effects on EFL listening comprehension, mediated by metacognitive awareness. These results offer valuable insights for theoretical understanding and practical approaches to enhancing L2 listening competencies in business English settings.