This study investigated the moderating role of achievement motivation in the relationship between test anxiety and academic performance. Three hundred and ninety three participants (192 males and 201 females) selected from a public university in Ondo State, Nigeria using a purposive sampling technique, participated in the study. They responded to measures of test anxiety and achievement motivation. Three hypotheses were tested using moderated hierarchical multiple regression analysis. Results showed that test anxiety had a negative impact on academic performance (β = -.23; p < .05). Achievement motivation had a positive impact on academic performance (β = .38; p < .05). Also, achievement motivation significantly moderated the relationship between test anxiety and academic performance (β = .10; p < .01). These findings suggest that university management should design appropriate psycho-educational interventions that would enhance students' achievement motivation.