To minimize distress associated with choices with uncertain consequences, individuals with high levels of anxiety may continue with familiar choices rather than seek out novel choices. As a result, they might be more vulnerable to sunk cost fallacy, the inability to ignore unrecoverable prior investments when making decisions about the future. Considering that cognitive reappraisal may mitigate the association between anxiety and poor decision making, the present study examined the relations between cognitive reappraisal, anxiety, and resistance to sunk cost. To this end, 108 undergraduates completed questionnaires assessing their tendency to engage in cognitive reappraisal, severity of anxiety, and resistance to sunk cost. Participants’ tendency to engage in cognitive reappraisal moderated the relation between the severity of anxiety and resistance to sunk cost. However, in individuals who typically engaged in cognitive reappraisal, only lower levels of anxiety were associated with higher resistance to sunk cost. Individuals with high vs. low levels of anxiety might differ in how they reappraise negative situations, which can consequently affect resistance to sunk cost.