Epistemic and learning beliefs were found to affect college students' cognitive engagement and study strategies, as well as motivation in classroom settings. However, the relationships between epistemic and learning beliefs, motivation, learning perception, and students' actual learning participation in asynchronous online settings have been under-studied and under-theorized. In this study, 132 students participated in collaborative learning activities through asynchronous online discussions in a college-level online course. The results from correlation analysis and structural equation modeling indicate that epistemic and learning beliefs have significant effects on students' learning participation and perceived learning, through the mediation of achievement goals. The findings provide theoretical and practical implications for the design of online learning.