Previous literature has demonstrated that peer support is instrumental for the promotion of adaptive academic and mental health outcomes; however, limited research has examined prospective directional associations between peer support and adjustment within college settings. The purpose of this study was to investigate the longitudinal associations between peer support, academic competence, and anxiety among U.S. college students. U.S. students from a diverse 4-year university (N = 251, 75% women, 24% men, and < 1% a different gender) reported on peer support, academic competence, and anxiety using validated questionnaires at two time points (Fall term of sophomore year and Spring term of senior year). Results showed that peer support was positively associated with academic competence over time but was not significantly related to future anxiety. Academic competence did not significantly predict peer support or anxiety over time, but anxiety was associated with lower future academic competence. These findings offer insight into how types of social relationships link with academic motivation and anxiety over time within educational settings.