The advent of the COVID-19 pandemic has had a huge impact on everyone’s lives. To prevent the spread of the coronavirus, people were ordered to stay at home, whether or not they were infected. Due to psychological issues such as stress, anxiety, and depression, these lockdowns had major consequences to one’s mental health. The study aimed to assess the level of anxiety and examine the factors that cause it among graduate students. The study employed a mixed method following an embedded design. Data were collected through an online survey administered to 116 graduate students of the College of Public Affairs and Development at the University of the Philippines, Los Baños. Using the Generalized Anxiety Disorder (GAD-7), the study found that almost three-fourths of the graduate students had anxiety. Unstable internet connection, online academic requirements, and learning loss were among the major factors that contribute to their anxiety. Accordingly, policies and interventions should be crafted to ensure that graduate students thrive in this “new normal” of teaching and learning.