Cognitive test anxiety is a considerable barrier to academic success. The control value theory of achievement emotions suggests emotions within academic situations—including test‐anxious responses—follow from control and value appraisals. Furthermore, the control value theory suggests a multitude of individual‐level factors that influence appraisals. However, few investigations have explored the interactive influence of enduring personality traits and control and value appraisals on the experience of cognitive test anxiety. The current study was designed to explore the relationship among openness to experience, neuroticism, conscientiousness, control and value appraisals, and cognitive test anxiety. Participants (N = 481) completed the Big Five Inventory, the Motivated Strategies for Learning Questionnaire, and the Cognitive Test Anxiety Scale‐Short Form. Using exploratory structural equation modeling, we demonstrated that value and control appraisals were important predictors of cognitive test anxiety. Furthermore, results indicated that openness to experience was a positive predictor of value appraisals. Finally, results indicated that higher levels of control appraisals were associated with higher levels of conscientiousness and openness to experience and lower levels of neuroticism. These findings have important implications for our understanding of the determinants of cognitive test anxiety and have implications for efforts designed to identify test‐anxious students.