Stress is a common eventual emotional feeling which varies from the youngest to the eldest worldwide and any person engaged in any profession can face stress. In Sri Lankan context, students’ stress is an unpreventable phenomenon which is seen in their lives often. This study attempts to identify the latent factors on the undergraduates’ stress since not many researches had been conducted on this regard so far in Sri Lankan context. A well-structured questionnaire was administered to a sample of 384 third year undergraduates in the academic year of 2014/2015 from four faculties: Humanities and Social Sciences (FHSS), Management Studies and Commerce (FMSC), Applied Sciences (FAS), Medical Sciences (FMS) in the University of Sri Jayewardenepura using stratified random sampling and systematic random sampling techniques. The results highlight that the chi-square analysis for two-way categorical data, confirmed that level of undergraduates’ stress was significantly influenced by family related and personal variables .Improving the existing counselling and introducing a unit course regarding this can be recommended.