To examine the possible links between anxiety and procrastination, trait measures and self-report measures of dilatory behavior and state anxiety were obtained. A measure of state dejection, as distinguished from anxiety, was also included. Research participants were 23 female and 35 male first year Business Administration university students. Beginning 5 days prior to an examination period, these students reported on their feelings of anxiety and dejection and completed a dilatory behavior inventory regarding their behavior over the preceding 2 days. This was repeated every 2 evenings to yield three pre-examination assessments and two exam-day assessments. In a series of multiple regression analyses, trait procrastinators reported higher levels of pre-examination dejection than non-procrastinators (controlling for concurrent anxiety as a covariate), but did not report higher levels of state anxiety (controlling for concurrent dejection). Trait procrastination enhanced the prediction of pre-examination and exam-day dilatory behavior; trait and state anxiety did not. Furthermore, trait procrastination and trait anxiety were unrelated. It was concluded that anxiety plays a minor role, if any, in dilatory behavior, and should not be viewed as a strong correlate of trait procrastination.