The present study aimed to investigate the effect of two major approaches of Dynamic Assessment, namely, interventionist and interactionist approaches, on learners' oral narrative performance and anxiety. To this end, 34 Iranian EFL learners were assigned to an Interactionist Group (InA.G) and Interventionist Group (InV.G). Initially, both groups were given the Foreign Language Classroom Anxiety Scale and a pretest of speaking. In the treatment phase, the InV.G was asked to narrate a video and received instructions on their errors. The InA.G narrated the video while being provided with scaffolding during narration. Then both groups were given a posttest and, two weeks later, a delayed posttest. The results indicated that both groups' oral performance significantly increased, while their anxiety reduced. In the end, a semi-structured interview was conducted whose results revealed that the InA.G experienced more anxiety mostly due to feeling a sense of interruption and losing face.