Although music performance anxiety (MPA) is a common problem, there are only a few studies on this subject in Hungary. In this article, we investigate the underlying socio-demographic and psychological factors related to music performance anxiety. The sample consisted of musicians (N = 100; aged between 15-35 years) who were studying or had completed their musical education. Study participants completed the Kenny Music Performance Anxiety Inventory, Frost Multidimensional Perfectionism Scale, Social Phobia Inventory and other music-related questions. Females reported higher levels of MPA and social anxiety without a significant difference in perfectionism. Social phobia and perfectionism were significantly correlated with MPA. In multiple regression analysis four out of six subscales of perfectionism significantly predicted MPA, among which Parental Criticism and Doubts about Actions were positive, while Parental Expectations and Preference for Organization were negative predictors. We conclude that there is a strong interrelationship among MPA, social anxiety, and perfectionism. Findings suggest that in some cases of MPA there may also be co-morbid, non-performance related social phobia. These results indicate that MPA is complex and multi-factorial, with possible early onset, thus alerting parents, teachers, and mental health professionals to the value of early recognition, management, and intervention.