This study examines the relationship between perfectionism, maladaptive cognitive schemas, and psychological distress. Particularly, the mediating effects of maladaptive cognitive schemas between socially prescribed perfectionism and psychological distress such as depression and anxiety are explored using structural equation modeling. For the study, the data were collected from 281 college students who attend in a large southeastern public university. A final sample of 233 students was used for the data analysis after deleting and replacing missing data. In order to analyze the data, the hypothesized models to be tested were constructed based on theoretical models and previous empirical studies. The models depict that the maladaptive cognitive schemas—fear of abandonment, defectiveness/shame, functional dependence/incompetence, and insufficient self-control—mediate the relationship between socially prescribed perfectionism and depression. On the other hand, the association of socially prescribed perfectionism and anxiety is mediated by the maladaptive cognitive schemas—fear of abandonment, vulnerability to harm, and failure to achieve. To test these hypothesized models, the following four instruments were administered to subjects: the Multidimensional Perfectionism Scale (Hewitt & Flett, 1991c), the Schema Questionnaire-Short Form (Young, 1990), the Center for Epidemiologic Studies Depression Scale (Radloff, 1977), and the State-Trait Anxiety Inventory (Spielberger, 1983). The results reveal that both hypothesized depression and anxiety models do not fit the observed data. However, the anxiety model provides an adequate fit to the data following a model revision. Furthermore, the model meets all the requirements for mediating effects to exist. These findings suggest that 1) the association between socially prescribed perfectionism and anxiety is not linear, but that an underlying mechanism exist in the relationship, and 2) specific maladaptive cognitive schemas, such as Fear of Abandonment and Failure to Achieve, mediate the relationship between socially prescribed perfectionism and anxiety. In addition, the Vulnerability to Harm schema indirectly influences the association through Fear of Abandonment. These results focus attention on the specific cognitive components involved in precipitating socially prescribed perfectionists’ psychological distress. However, the current study is not without limitations in spite of the significant outcomes. Based on these limitations, the study recommended several future research directions.