Although many studies adopted Smith's (1986) cognitive-affective model of athletic burnout in examining stress-burnout relationship, very few studies examined the mediating/moderating role of perceived stress on the stress-burnout relationship. We sampled 195 college student-athletes and assessed their life stress, perceived stress, and burnout. Correlation analyses found all study variables correlated. Two separate hierarchical regression analyses found that the "distress" component of perceived stress mediated athletes' two types of life stress-burnout relationship but "counter-stress" component of perceived stress-moderated athletes' general-life stress-burnout relationship. We concluded that interweaving relationships among athletes' life stress, perceived stress, and burnout are not straightforward. Future research should consider the nature of athletes life stress, and dual role of perceived stress in examining its' association with related psychological responses in athletic settings.