Cognizant of the research gap in the theorization of mobile learning, this paper conceptually explores how the theories and methodology of self-regulated learning (SRL), an active area in contemporary educational psychology, are inherently suited to address the issues originating from the defining characteristics of mobile learning: enabling student-centred, personal, and ubiquitous learning. These characteristics provide some of the conditions for learners to learn anywhere and anytime, and thus, entail learners to be motivated and to be able to self-regulate their own learning. We propose an analytic SRL model of mobile learning as a conceptual framework for understanding mobile learning, in which the notion of self-regulation as agency is at the core. The rationale behind this model is built on our recognition of the challenges in the current conceptualization of the mechanisms and processes of mobile learning, and the inherent relationship between mobile learning and SRL. We draw on work in a 3-year research project in developing and implementing a mobile learning environment in elementary science classes in Singapore to illustrate the application of SRL theories and methodology to understand and analyse mobile learning.