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This research aimed to develop and to validate a model of the relationship between anxiety and academic achievement for statistical analysis in business subject by using structural equation modeling analysis with latent variables. The sample consisted of students from the Faculty of Business Administration Rajamangala University of Technology Suvarnabhumi Year 2013. 248 Participants was randomly selected from several steps. Model for measuring anxiety in the class using likert scale and a record of individual achievement were used as tools in this study. The model was developed by using 2-stages process. First stage was checking the model for measuring learning anxiety and achievement model by using Confirmatory Factor Analysis. The second stage was analysis of the structural equation modeling by using LISREL software.