Fear of evaluation and a negative view of the self are the core aspects of social anxiety. Self-compassion and self-esteem are two distinct positive attitudes toward the self, which are positively related to each other, well-being and good psychological functioning. It is less clear, however, how they interplay in socially anxious individuals and if self-compassion may reduce the negative effect of low self-esteem on social anxiety. The current research aimed at evaluating the directional links between those constructs to check if self-compassion mediates the effect of self-esteem on social anxiety. In this study, 388 adult participants with elevated social anxiety completed measures of self-compassion, self-esteem and social anxiety. As expected, both self-esteem and self-compassion correlated negatively with social anxiety and positively with one another, with lower self-esteem being a stronger predictor of social anxiety. Importantly, self-compassion partially mediated the relationship between self-esteem and social anxiety. These findings suggest that self-compassion partially explains the negative effects of deficits in self-esteem on social anxiety. Practical implications of the research are discussed.