The purpose of our study was to use select constructs from objectification theory to investigate how society’s sexual objectification of female athletes is related to differences in body esteem and self-objectification among collegiate female athletes and non-athletes. Using a cross-sectional survey, we sampled three groups at a Division I National Collegiate Athletic Association university: 322 non-athletes, 58 athletes participating in sports that are considered more objectified, and 27 athletes participating in sports that are considered less objectified. Participants completed survey measures assessing body esteem (sexual attractiveness, weight concern, and physical condition), body surveillance, thin-ideal internalization, and body shame. As predicted, all athletes experienced better body esteem than non-athletes. Surprisingly, both more and less objectified athletes also reported lower rates of body surveillance than non-athletes. Other findings varied by grouping. Overall, study findings suggested that athletes in more objectified sports experience greater thin-ideal internalization, thereby enhancing body shame without increasing body surveillance or body image concerns. Researchers and interventionists should put more focus on sexual- and self-objectification of collegiate female athletes participating in the more objectified sports because their psychological and mental health risks appear to be associated with objectification and not necessarily poor body image.