The primary goal of this research program was to investigate the effectiveness of virtual reality therapy (VRT) in reducing public speaking anxiety of university students. The prevalence and impact of public speaking anxiety as a type of Social Phobia are discussed. Studies of VRT as an emerging treatment for psychological problems are reviewed. In the present study, eight students completed VRT individual treatment and post-testing, and six students in a Wait-List control group completed post-testing. Assessment measures included four self-report inventories, self-report of Subjective Units of Discomfort during exposure to VRT and physiological measurements of heart rate during speaking tasks. Four weekly individual exposure treatment sessions of approximately 15 min each were conducted by the author serving as therapist. Results on self-report and physiological measures appear to indicate that four virtual reality treatment sessions were effective in reducing public speaking anxiety in university students, corroborating earlier studies of VRT's effectiveness as a psychotherapeutic modality. Future research directions are discussed, primarily the need for research on younger populations, to assess the effectiveness of VRT for earlier intervention with public speaking anxiety.