Bulgarian society after 1989 has been characterized as a typical risk society, both causing and caused by anomie. The present article tested the standardized anomie scale for underlying dimensions, measured the level of anomie among 560 Bulgarian university students, and explored factors associated with feelings of anomie. A factor analysis revealed three dimensions of anomie: one reflecting individual psychological reactions, indicating personal helplessness towards the post-communist transition, and two reflecting feelings of nostalgia and normlessness in the face of that transition. The level of anomie was considerably higher in Bulgarian students than Swedish students, and lower in Albanian students, suggesting that social circumstances make a difference to the level. Separate regression analysis revealed that psychological anomie reflects a situation of strain, explained by poor income, socio-economic loss, disappointment with reform, and strong feelings of hopelessness for the future. Nevertheless, this dimension of anomie reflected support for the democratic intentions of reform, and a certain political engagement. Psychological anomie and feelings of normlessness were more frequently reported by female students. Unlike psychological anomie, anomic attitudes of nostalgia and normlessness did not reflect a situation of socio-economic loss or strain. Whereas nostalgia mainly reflected disapproval of, and resistance to, reform, the association between normlessness and aspirations for a future career reflected a positive and progressive mentality.