Objectives: This study examines how college students’ economic hardship, as well as perceived family support and living arrangement (living with family or not) are associated with their anxiety during the COVID-19 pandemic. Possible moderating effects of family support and living arrangement on the association between economic hardship and anxiety are also examined. Methods: Data were collected by online survey, and a total of 511 responses from college students were used for analysis. Results: Hierarchical linear regression suggested that (1) college students’ economic hardship was positively associated with their anxiety; (2) perceived family support was negatively associated with anxiety, while living with family was positively associated; (3) perceived family support and living with family had significant negative and positive moderating effects, respectively, on the association between economic hardship and anxiety. Conclusion: Results suggest multiple additive moderating effects of family support and living with family, buffering, and worsening the influence of economic hardship on anxiety among college students. Further discussion about interpretation and implications of the results are provided.