This study was an endeavor to discover the roles of self-regulated learning (SRL), and perfectionism in predicting foreign language learners’ listening anxiety. In so doing, 350 EFL learners were selected by cluster random sampling to complete the three reliable and valid questionnaires of the study. (i.e., SRL, perfectionism, & listening anxiety). To analyze the SEM model and answer the questions, after data collection, a SEM approach was utilized. Based on the findings, a significant linear relationship was found among variables and their components. The results also indicated that although SRL and perfectionism had a significant effect on listening anxiety, perfectionism was a stronger predictor of listening anxiety. In terms of predictive power, SRL was in the next rank. To put it more clearly, students with higher levels of perfectionism experienced higher listening anxiety. Furthermore, those students with higher levels of self-regulation experienced lower levels of listening anxiety, and those with low levels of self-regulation experienced higher levels of listening anxiety. The findings of this study may be beneficial for materials developers and EFL teachers. They should pay more attention to the affective and cognitive variables of English learners because they are known to be important factors in influencing listening anxiety.