Objective: The study examined psychological capital's (PsyCap) role in the relations between anxiety-related patterns of thinking (rumination, obsessive-compulsive disorder, test anxiety) and students' academic adjustment. It argued the relations are not direct but are mediated by PsyCap. Participants: Participants were 250 s-year or higher university undergraduates in Israel; 60.4% in second year, 35.6% in third, 4% in fourth; 111 men (44%), 139 women (56%); age 18-40 years (mean age = 25, SD = 2.52). Participants were recruited through flyers distributed on campus. Methods: Six questionnaires tested study hypotheses: one gathered demographic information; five assessed anxiety-related patterns of thinking, PsyCap, and academic adjustment. Results: Findings showed PsyCap mediated relations between anxiety-related patterns of thinking (rumination, obsessive-compulsive disorder, test anxiety) and academic adjustment and was a crucial factor in explaining variance in academic adjustment. Conclusions: University policymakers may consider developing short-term intervention programs to foster PsyCap and thus possibly promote students' academic adjustment.