The purpose of this study was to examine the relationship between knowledge monitoring and motivation as defined by self-efficacy and goal orientations. A path model was proposed to hypothesize the causal relations among predictors of the students' total score in the Educational Psychology course. The sample consisted of undergraduate students enrolled in two sections of the Educational Psychology course at a large Midwestern university. The data collection process took place during two semesters (Fall 2010 and Spring 2011). Subjects completed a knowledge monitoring assessment (KMA) and combined scale of self-efficacy and goal orientations online. Results of the study confirmed the positive correlations between knowledge monitoring, self-efficacy, mastery goals, and total exam score. The path analysis revealed that two predictors had significant direct effects on total score, knowledge monitoring and mastery goals. Self-efficacy had a significant direct effect on mastery goals. Although self-efficacy significantly correlated with total score, the parameter between self-efficacy and total score was not significant. Knowledge monitoring did not significantly correlate with self-efficacy and mastery goals. The path analysis revealed no significant exogenous parameters from or to performance goals. The current study provided some insights in understanding the relationship between knowledge monitoring and motivation as defined by self-efficacy and goal orientations. Recommendations and suggestions for future research were discussed.