In modern society, people often find themselves in situations where their knowledge, abilities and skills are tested. Such evaluative situations can significantly affect their future. Due to the relevance of the topic, researchers are increasingly focusing on the construct of academic achievement and the factors that contribute to the success and failure of students. Although they have often been exposed to evaluative situations throughout their lives, most students still state that they feel anxiety and fear during exams. Numerous studies have found that higher levels of test anxiety are associated with poorer academic performance (Borekci and Uyangor, 2018). In addition, the results of numerous studies indicate that selfefficacy is also an important construct in the context of academic achievement. Thus, it was determined that people with a high self-efficacy assessment have better academic success and a lower level of test anxiety than people with a low self-efficacy assessment (Chemers et al., 2001). The goal of this final paper was to examine the significance of test anxiety and academic self-efficacy for objective and subjective indicators of academic achievement. The research was conducted on a convenience sample of students of different study years and different study areas in the Republic of Croatia (92 women and 11 men). The participants filled out an online questionnaire that consisted of a sociodemographic data questionnaire in which, among other things, the students provided data on the grade point average and assessed how satisfied they were with their current academic achievement, the anxiety subscale taken from the "Test Emotion Questionnaire" (TEQ - Test Emotion Questionnaire, Pekrun et al., 2004, Croatian version Burić, 2012) and the "Academic Self-Efficacy Scale" (Lončarić, 2014). Data analysis showed that there is a statistically significant moderate and positive relationship between subjective and objective academic achievement. Furthermore, it was shown that the level of test anxiety and academic self-efficacy explained 28.5% of the variance of objective academic achievement (grade point average) and 24.18% of the variance of subjective academic achievement (satisfaction with achievement). A statistically significant contribution of academic self-efficacy in explaining the variance of both objective and subjective achievement was determined. However, the level of test anxiety did not prove to be a statistically significant predictor of either objective or subjective academic achievement.