College students in many countries are at elevated risk of serious health issues, substance abuse and problems from anxiety and depression. It is very important to understand the factors that relate to academic performance. Mild stress may be beneficial in cognitive tasks and performance, while persistently high stress may lead to anxiety and depression. Perceived stress says how much a person is stressed, at a given point of time or over given time period. This article is a review of the studies conducted worldwide with particular emphasis about the impact of perceived stress among college students on academic performance and further excellence. The current review found that, high perceived stress results in low academic performance and vice versa. Different research findings also suggest that, level of perceived stress differs depending on the courses which the students are learning and also there are gender related differences. Female students were found to have greater levels of stress and more health problems.