Studies have shown that those high in anxiety were at increased risk for alcohol use during the COVID-19 pandemic. Tension reduction theory points to anxiety sensitivity (AS) as a potential risk factor. Drinking to cope may further increase this risk. During the pandemic, those high in AS may have experienced increased stress and drank to cope, which may have put them at risk for misusing alcohol. Objective: The current study tested the association between AS and alcohol outcomes, mediated by perceived stress and drinking motives, among young adults during the COVID-19 pandemic. Participants and Methods: Young adults (N = 143) self-reported on AS, perceived stress, drinking motives, and alcohol outcomes (i.e., use and problems). Results: A mediation analysis revealed that AS positively predicted alcohol problems, "via" coping motives, and positively predicted alcohol use, "via" perceived stress and enhancement/sociability motives. Conclusion: These results confirm AS-risk for young adult alcohol use during the pandemic and highlight perceived stress and drinking motives as mechanisms of risk.