The present study was conducted for assessment and treatment of competition anxiety and fear of failure among sportsmen and sportswomen. It was hypothesized that sportsmen will exhibit higher level of competition anxiety and fear of failure as compared to sportswomen. High competition anxiety will be positively correlated with fear of failure. Sportswomen will show higher number of emotional indicators on Human Figure Drawing Test as compared to sportsmen. The sample comprised of 200 sportsmen and sportswomen. Three scales were used namely Sports Competition Anxiety Test, Performance Failure Appraisal Inventory and Human Figure Drawing test. The results supported the hypotheses. It was found that sportsmen exhibit higher level of competition anxiety and fear of failure as compared to sportswomen and sportswomen showed higher number of emotional indicators as compared to sportsmen. Results proved that progressive muscle relaxation technique is effective in decreasing high competition anxiety. This study addressed some vital questions pertaining to sports psychology such as correlation between high competition anxiety and fear of failure which will contribute significantly to the conceptual understanding of these two factors. The findings of this study will serve as platform for improving the mental wellbeing of athletes.