Musicians are at risk of developing music-induced hearing loss (MIHL) and also exhibit increased prevalence of depression, anxiety, and stress. However, the relationship between hearing loss and mental health issues in musicians has not yet been explored. This study conducted a cross-sectional analysis of 32 professional and 35 amateur musicians recruited from local bands and orchestras. KUDUwave software was used to obtain their overall hearing thresholds for both ears over three frequency ranges: 0.5 to 4, 6 to 8, and 9 to 16 kHz. Participants also completed a demographic questionnaire that contained questions related to musical exposure, type of music exposed, years of practice, and so on, and the DASS-21 questionnaire, which assesses the presence of depression, anxiety, and stress symptoms. Professional musicians had significantly greater music exposure compared with amateur musicians, but their hearing thresholds were not significantly different from amateur musicians in 0.5–4, 6–8, or 9–16 kHz frequency ranges. Professional musicians experienced greater symptoms of anxiety compared with amateur musicians, and this occurred independently of their hearing status. Further longitudinal studies are required to explore the causative factors resulting in increased mental health issues in professional musicians and what potential interventions may be implemented to address anxious symptomology in this population.