This study analyzes the relationship between the level of depression as well as anxiety from which university students suffer and reaction characteristics of Star- Wave Test, in order to assess the usefulness of Star -Wave Test(SWT) as a diagnostic tool for depression and anxiety. The object of this study were 269 students(male:113, female:156) from universities located in Seoul and Busan, and Star-Wave Test(SWT), Beck Depression Inventory(BDI), and Beck Anxiety Inventory(BAI) were employed as measuring instruments. The data was examined with frequency analysis, T-test, chi-square analysis, and one-way ANOVA and then Scheefee's test was carried out for a verification. The result are as follows. Firstly, the analysis gave depression figure of 10.85, which indicates that students were feeling slightly depressed, and the level of anxiety was low with the figure of 12.04. In addition, there was a significant difference in the level of anxiety depending on the genders, according to the verification of difference in relation to the genders and the level of depression and anxiety. Secondly, the reaction characteristics of Star -Wave Test frequently showed painting styles, sentimental styles, emphasis on the sky, harmony of the sky and the sea, and balanced structures. The number of students who drew a small quantity of stars and who drew a large quantity of stars was about the same, and a lot of those stars were drawn in stabilized, static, and continuous ways. Waves showed similar characteristics, but they were drawn in more dynamic ways. There were a more number of students who did not draw thunder․lightning, rocks․islands․cliffs, and shores․coastlines than students who did, but a lot of them drew a lighthouse. In addition, there was a significant difference in a number of stars, stars drawn in a static way, waves drawn in a static way, and shores․coastlines depending on the genders, according to the verification of difference in relation to the genders and the reaction characteristics of Star-Wave Test. Thirdly, according to university students' level of depression and anxiety as per the reaction characteristics of Star -Wave Test, there was a significant difference in the level of depression in relation to the overall structure of the painting, a number of stars, stars drawn in static and continuous style, waves drawn in a dynamic way, thunder․lightning, shores․coastlines, and lighthouses. In case of anxiety, there was a significant difference in relation to a number of stars, stars drawn in static and continuous ways, waves drawn in a dynamic way, thunder․lightning, shores․coastlines, and lighthouses. Key Words : University Students, Depression, Anxiety, Star-Wave Drawing, Reactions