State and trait anxiety levels in elite Spanish women basketball players were investigated and possible differences in sources of anxiety identified, comparing National Team and First Division players. 84 players participated (13 National Team members, 71 First Division players). A quantitative/qualitative design was used. Results indicated that National Team members had lower State and Trait Anxiety scores than did the First Division players and both groups had lower scores than established population norms. Playing time was significantly related to State and Trait Anxiety for both groups of players and those who had more minutes of playing time had lower scores. Qualitative analyses indicated that the primary sources of anxiety reported by these athletes related to personal issues pertaining to feeling physically and mentally unprepared for practice and games.