Competition related anxiety is a major psychological issue among athletes and this study estimates the prevalence of competition related anxiety, its associated factors and coping strategies used, among school athletes in Sri Lanka. A cross-sectional study was conducted among 330 athletes. Two-stage simple random sampling was used. Competition related anxiety level was determined by Sport Competition Anxiety Test for adults (SCAT-A). Prevalence of ‘high’ level of sport competition related anxiety was 19.4% and it was significantly associated with individual sports, fear of failure, experience of past defeat, and poor support received from parents/friends. Listening to music, goal setting, positive self-talk and meditation were positive coping strategies used by athletes. The main negative coping strategy was being angry. High competition related anxiety prevalent in about 1/5th of school athletes was influenced by several factors related to the sport event. Psychological support incorporated into routine physical training sessions is recommended.