High-immersion virtual reality (HiVR) attracts increasing attention among language learning researchers because of its potential to enhance language learning. Prior studies focused mainly on HiVR and linguistic knowledge acquisition, and little is known about HiVR and emotions in language learning. Foreign language speaking anxiety (FLSA) is a common emotion that inhibits language learning and use, so it is important to explore approaches to alleviate it. This study investigated the potential use of HiVR for coping with FLSA in which 140 Chinese EFL learners were randomly assigned to four groups (35 students each) with a different combination of learning environments (HiVR or classroom) and learning principles (situated learning or teacher-centred learning). Students’ pre- and post-test of FLSA levels within and among four groups were compared via t-tests and ANOVA. Participants’ descriptions of FLSA change and perceptions of the effects of HiVR on FLSA were integrated with quantitative results for analysis. The integration of analysis showed that although most students perceived HiVR as a useful tool for alleviating FLSA, it is difficult for them to apply the reduced anxiety experienced in HiVR to real-life situations. The statistical results also showed that HiVR did not influence students’ real-life FLSA significantly. Most participants reported that HiVR offered them an authentic environment and enjoyable learning activities, which engaged them in learning, but the use of avatars in HiVR sometimes created an obstacle to communication. Implications for using HiVR technology to enhance foreign language learning are provided.