The purpose of this study was to examine possible psychological correlates of flow in a sample of older athletes. Both state and trait, or dispositional flow states, were examined. Masters athletes completed questionnaire assessments on two occasions while competing at an international masters sport competition. The participants (398) completed a questionnaire assessing intrinsic/extrinsic motivation, goal orientation, trait anxiety, perceived ability, and typical flow experiences (trait) when participating in sport. Of these participants, 213 completed a questionnaire after and in relation to one event they competed in at the Games. This second questionnaire assessed state flow, as well as perceptions of success, skills, and challenges in a selected sport event. Correlational and multivariate analyses were conducted to examine psychological correlates of state and trait flow. Patterns of relationships were found between flow and perceived ability, anxiety, and an intrinsic motivation variable. Understanding flow and its relationship with other psychological variables are discussed.