Perceived negative consequences of dyslexia entail the degree to which an individual perceives negative outcomes, such as low academic achievement or feelings of anxiety and depression, and attributes these experiences to the disorder. In the current study, we examined how perceived consequences of dyslexia are influenced by person and environmental factors. Perceived consequences were evaluated for the academic domain and the domain of mental health (depression, anxiety). Participants were 123 Dutch students with dyslexia. Cognitive person factors (literacy skills and verbal IQ), socio-emotional person factors (self-perceived literacy skills and coping ability), and environmental factors (literacy demands, support from the institution, reactions of teachers and peers) were included as predictors. Results indicated that perceived negative consequences were not related to cognitive person factors. In contrast, better self-perceived literacy skills were associated with less perceived negative consequences in all domains (academic, depression, anxiety) and coping contributed to depression consequences. With respect to environmental factors, negative reactions in the academic environment contributed to perceived negative consequences of depression and anxiety. As such, findings indicate that individuals with dyslexia perceive negative consequences in the academic, anxiety, and depression domains which cannot be fully accounted for by their objective reading and writing problems. These factors should feature more prominently in future studies on dyslexia and should be addressed in treatment of dyslexia as well.Supplementary InformationThe online version contains supplementary material available at 10.1007/s11881-022-00274-0.