Background : People living in sub-Saharan African countries have been more vulnerable for HIV infection. Youths and adolescents including university students are among the risk group to acquire HIV infection due their risk behaviors. Many vulnerable young adults do not yet recognize their susceptibility, seriousness of the HIV infection, and are not motivated to alter their risky behavior. Therefore, this study is designed to assess HIV infection risk perception and abstinence and condom use among regular Madawalabu University students. Methodology : Institution based cross sectional study design was conducted among randomly selected 390 students in Madawalabu University, Southeast Ethiopia from May to June 2012. The data were analyzed using SPSS version 16.0. Descriptive statistics, binary and multivariable logistic regression analyses were employed to identify factors associated with perceived behavioral controls. Result : Forty two percent of the respondents were sexually active and 60.6% of them had used condom in their last sexual intercourse. Forty five percent (45.4%) of the respondents have low risk perception HIV towards infection. Perceived self-efficacy and abstinence for sexual intercourse were statistically significant (OR=0.38[CI (95.0%):0.24– 0.59]) and perceived benefits of HIV infection risk prevention and control method utilization showed significant association with perceived behavioral control among sexually active students (OR=0.46[CI (95.0%):0.27 – 0.83]). Conclusion : Nearly half of study participants have low risk perception to HIV infection. Perceived behavioral controls (abstinence for sexual intercourse and condom use) were statistically associated with perceived barriers and benefits of HIV infection risk prevention and control measures utilization. Perceived self-efficacy is the important predictor of perceived behavioral control utilization. Therefore, university based HIV risk reduction intervention should be geared towards the ide