Objectives: Exam Anxiety is a condition influenced by both personal and environmental factors as well as cultural, family, and family-related systems. Accordingly, the current study aims at determining the predictive role of parental exam anxiety with irrational beliefs and perfectionism in explaining students’ exam anxiety. Methods: The study included a total of 1006 participants, students (N = 503 (58%) female and (42%) male) and parents (N = 503 (65%) female and (35%) male) of these students. The Test Anxiety Inventory, Exam Anxiety Scale for Parents, The Irrational Beliefs Scale for Adolescence, and Frost Multidimensional Perfectionism Scale were used as data collection instruments for this study. Results: The regression analyses indicated that exam anxiety in students was significantly predicted by the worry sub-dimension of parental exam anxiety, irrational beliefs as well as concern over mistakes, parental criticism, and doubting of actions sub-dimension of perfectionism. Conclusion: The findings are discussed and explained based on the relevant literature.