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This study sought to examine the relationship between students’ online learning anxiety (OLA) and their academic self-efficacy (ASE) during COVID-19 crisis. To assess such a relationship, students’ perspectives were investigated by using a standardized questionnaire that comprised four sections. The questionnaire was sent out to 718 students enrolled in tertiary education institutions in 28 countries. The data obtained were analyzed using SPSS (Pearson Correlation, ANOVA, multivariate analysis, t-test), and were further determined by median and average mean scores. The instruments’ reliability was verified by Delphi technique and Cronbach’s Alpha test. The results revealed that while all students experienced varied degrees of OLA during COVID-19 crisis, a positive correlation was found between ASE and OLA. This unexpected positive relationship contradicts with Bandura’s social-cognitive theory that specifies anxiety as a direct result of low self-efficacy beliefs. However, the results are partially in line with findings of many studies confirming positive correlations between self-efficacy and online learning during the crisis, between online learning and anxiety, and between online-learning quality and academic self-efficacy. The authors believe that online learning has contributed significantly to students’ self-efficacy despite the crisis’ global negative effects.