This study investigated EFL students' and teachers' perspectives and experiences of managing foreign language anxiety (FLA). Data were obtained from 49 student autobiographies, 18 student interviews, 8 teacher interviews and 351 student responses to an open-ended question. Content analysis was used to analyse the data with the use of NVivo. A dual-task approach to managing FLA (i.e. reducing its negative effects and taking advantage of its positive effects) with specific strategies for students, teachers and other stakeholders was identified. The analysis also revealed important findings related to key stakeholders in FLA management, tensions in managing FLA, the extent to which students' and teachers' perceptions of FLA management matched, how they managed student FLA at university and the factors affecting students' success in managing FLA. The findings of the study indicate that one should not expect a one size fits all model for FLA management, and emphasise the need to focus on working with FLA instead of only focusing on reducing it.