<p><strong>Background:</strong> Evidence suggests a varied level of sexual health literacy (SHL) among university student populations, so we evaluated the SHL among students at the University of Tasmania.</p> <p><strong>Methods:</strong> Students were invited to complete an anonymous online questionnaire during August/September 2013. SHL was assessed using the ARCSHS National Survey of Australian Secondary Students & Sexual Health (ARC) and the Sexual Health Questionnaire (SHS). Predictors of literacy scores were evaluated by linear regression.</p> <p><strong>Results:</strong> The study recruited 1786 participants (8.2% of 2013 student population), of similar composition to the general university population. Female sex, older age, sexual education, and sexual experience were significant predictors of SHL. As hypothesised, students in medical/nursing disciplines had the highest SHL. Less expected were the significant differences by birthplace and religious affiliation, many of which persisted on adjustment for confounders. Compared with Australian/New Zealander students, overseas-born students had significantly lower ARC (–3.6%, <i>P</i> < 0.001) & SHS (–4.2%, <i>P</i> < 0.001); this was driven by Malaysian, Indian, and Chinese students. Compared with agnostic/atheist-identifying students, those of Buddhist (ARC: –5.4%, <i>P</i> = 0.014; SHS: –6.7%, <i>P</i> = 0.002), Hindu (ARC: –8.8%, <i>P</i> = 0.098; SHS: –12.2%, <i>P</i> = 0.027), Muslim (ARC: –16.5%, <i>P</i> < 0.001; SHS: –13.4%, <i>P</i> = 0.001) and Protestant (ARC: –2.3%, <i>P</i> = 0.023; SHS: –4.4%, <i>P</i> < 0.001) identifications had markedly lower SHL.</p> <p><strong>Conclusions:</strong> This study, one of the first among university students in Australia, found a varied SHL by sex, age, sexual education and sexual experience, as well as by birthplace and religious affiliation. These findings have applications in orientation and education programs at Australian universities.</p>