According to stereotype threat theory, negative stereotypes impair performance and can lead to reduced motivation. In the present study, we examined whether the female-mathematics stereotype not only impairs women’s performance but also buffers their self-esteem from negative feedback and reduces their motivation to improve. Before completing a mathematics test, 80 (54 female) participants were informed either that men outperform women on the test (stereotype threat condition) or that men and women perform equally well (no-stereotype condition). Following the test, participants received positive or negative feedback prior to rating their self-esteem. Finally, participants were invited to attend free mathematics tutorials and asked to indicate their likelihood of attending. Women under stereotype threat performed worse and were less motivated than non-stereotyped women to attend mathematics tutorials after receiving negative feedback. Furthermore, although men’s self-esteem was higher if they received positive rather than negative feedback, feedback valence had no effect on women’s self-esteem. These results suggest that the effect of stereotype threat on women’s mathematical performance is potentially compounded by its capacity to reduce motivation to improve. Practical implications are discussed, with a particular focus on the need for interventions that produce an identity-safe environment, foster an incremental view of mathematical ability, and provide information about successful role models.