An increasing number of veterans are transitioning from military service to college. Critical to academic success is the process of decision-making, which previous research has found to be influenced by a variety of factors including anxiety and working memory (WM). Many service-related conditions often influence anxiety and WM, and given the high prevalence of these conditions among veterans, the present study aimed to analyze the effects of working memory and anxiety on decision-making behavior in U.S. Military Veterans. Participants completed a large test battery including tasks assessing WM skills (Symmetry Span Task), anxiety (Beck Anxiety Inventory), and decision-making (Iowa Gambling Task). The study results indicated that WM and anxiety both play roles in decision-making performance in young military veterans. High anxiety is related to increased avoidance of adverse outcomes in decision-making for U.S. Military Veterans, while lower working memory span is associated with greater risk-taking behavior. This study provides both functional and clinical implications into areas of possible intervention that need to be assessed in military veterans, as well as modifications to these assessments that need to be made in order to appropriately measure decision-making behavior. Future work will be done in order to more effectively analyze the adverse impacts of service-related conditions and the ways in which intervention can be implemented in order to minimize these effects.