Abstract Objective Sleep disordered breathing (SDB) describes abnormal breathing during sleep due to upper airway dysfunction. SDB and anxiety are associated and independently affect cognition. The purpose of this study was to examine these associations among young adults in the domains of executive function, attention, working memory (WM), and long-term memory (LTM). Method Bronx students (N = 49, Mage = 19.8 years (SD = 1.30), female = 65%) were recruited via flyers. SDB risk assessment utilized the Berlin Questionnaire. Cognitive assessment included the Modified Rey Auditory Verbal Learning Test, Trail Making Test A and B, Controlled Oral Word Association Test, and the Cogstate computerized battery (Groton Maze Learning Test, Identification Test, One Back Test, Two Back Test, and Groton Maze Learning Test Recall). Anxiety was assessed with the Depression, Anxiety, and Stress Scales. Individuals in the normal/mild ranges were categorized in the low anxiety group, and individuals in the moderate/severe/extremely severe ranges were categorized in the high anxiety group. Results Anxiety symptoms moderated the relationship between SDB risk and WM. For high anxiety individuals, as SDB risk increased, performance on WM measures decreased (F(1,45) = 6.06, p = 0.02, η2 = 0.12). There was a trend for anxiety symptoms to moderate the relationship between SDB risk and LTM – among high anxiety individuals, as SDB risk increased, performance on LTM decreased (F(1,44) = 4.04, p = 0.05, η2 = 0.084). Conclusion For young adults, anxiety symptoms moderated the relationships between SDB and WM and between SDB and LTM, suggesting that mild levels of anxiety may have a beneficial effect on the relationship between SDB and cognition, while more severe anxiety may worsen that relationship.