The basic goal of this research was to examine which aspects of work motivation and perfectionism predict workaholism, in order to identify potential risk factors. Workaholism is defined as an internal need to work excessively that damages our health and psychosocial well-being, leading to long-term exhaustion and work inefficacy. Intrinsic motivation stems from the feeling of satisfaction inherent in doing work-related tasks and using our professional competencies, whereas extrinsic motivation stems from external rewards, a satisfaction of our other needs through work. The basis of neurotic perfectionism lies in the constant discrepancy between the goals person has set and what is achieved, which can lead to chronic dissatisfaction. The following instruments were used: The almost Perfect Scale, the Work extrinsic and intrinsic motivation scale, and Bergen Work Addiction Scale. The sample consisted of 109 participants, workers from the Republika Srpska area, aged 21 to 55. Most of the sample consisted of female participants (75.24%). The results of Kolmogorov-Smirnoff tests show that participants' scores on all examined variables are distributed normally. The fact that workaholism is moderately present in our sample is opposite from original expectations and highlights the need to further examine the prevalence of this phenomenon in the general working population. The predictive model as a whole is statistically significant (F(5,103)=5.01,p<0.00) and predicts 16% of workaholism variance. However, only perfectionism component discrepancy was a significant and positive predictor of workaholism, but not intrinsic or extrinsic work motivation. The results suggest that workaholism can originate from the efforts of perfectionistic persons to overcome their perceived failures in achieving their unrealistically high goals. It is possible that, through time, obsessive work becomes a means to avoid dealing with negative emotions towards themselves, and also as a way to excuse themselves from real or irrational failures (“I did not achieve my goal, but I worked really hard and I will keep trying”). Of course, in the long run, excessive perfectionism combined with workaholism leads to utter exhaustion and further deterioration of work performance. In order to cope with the constant rise of negative feelings a person tries to work even harder and to achieve increasingly unrealistic goals, leading to a downward spiral of self-destruction. The implications of this research are that in order to treat workaholism it may be necessary to question the structure of unattainable goals that a person sets and the underlying feelings of inadequacy, self-doubt, and self-loathing that may play an important role in perpetuating maladaptive behavior of a typical workaholic. Workaholism must be studied as a part of wider personality structure and dynamic, as it serves an important (and maladaptive) role in defense against unwanted feelings and ideas of lesser worth, failure, etc.