Background: Research on test anxiety of elementary school children has mainly focused on prevalence rates and gender differences. Less work has addressed predictors of test anxiety in elementary school children. According to the control-value theory developed by Pekrun (Educ Psychol Rev 18:315–341. doi:10.1007/s10648-006-9029-9, 2006), academic self-concept and interest can be seen as such predictors. Objective: Based upon a control-value theory approach, the major objective of the present study is to examine the relationships between academic self-concept, interest, and text anxiety in elementary school children. A second aim is to explore moderating effects of gender for these relationships. Methods: 192 fourth graders aged 7–11 years from 11 classes across six schools completed a modified version of the German Self-Description Questionnaire 1 and a subscale of trait anxiety from the Anxiety Questionnaire for Students (German version). Self-concept and interest ratings were assumed to be negatively related to test anxiety. Gender was hypothesized as a moderator of the relationships between academic self-concept, interest, and test anxiety. Results: Children with a lower academic self-concept were more likely to be affected by test anxiety, and girls were more likely to be exposed to test anxiety than boys. Interest, in contrast, was not related to test anxiety and had no impact on test anxiety. Conclusion: The findings of the current research provided evidence that high test anxiety could be explained by a lower academic self-concept of elementary school children. Thus, school-based intervention programs targeting to decrease test anxiety of elementary school children should pay more attention to increasing students’ academic self-concept.