Virtual reality (VR) technology offers an exciting way to emulate real-life walking conditions that may better elicit changes in emotional state. We aimed to determine whether VR technology is a feasible way to elicit changes in state anxiety during walking. Electrocardiogram data were collected for 18 older adult women while they navigated a baseline walking task, a dual walking task, and four walking VR environments. Using heart rate variability (HRV) analysis, we found that all four of the VR environments successfully elicited a significantly higher level of state anxiety as compared to the walking baseline, with 84% of participants eliciting a significantly lower HRV in each of the four VR conditions as compared to baseline walking. VR was also found to be a more reliable tool for increasing state anxiety as compared to a dual task, where only 47% of participants demonstrated a significantly lower HRV as compared to baseline walking. VR, therefore, could be promising as a tool to elicit changes in state anxiety and less limited in its ability to elicit changes as compared to a traditional dual task condition.