In this study, the contribution of motivational beliefs and metacognition to students' performance under consequential and nonconsequential test conditions was investigated. Fifty-eight college students participated in the study. A modified version of the Approaches to Learning Instrument, the Self-Efficacy Scale, and the Metacognitive Awareness Inventory were used to measure students' motivational beliefs (mastery goal orientation, performance goal orientation, task value, and self-efficacy) and 2 components of metacognition (knowledge of cognition and regulation of cognition). Regression analyses showed that the regulation of cognition component of metacognition and mastery goal orientation were the best predictors of students' achievement under consequential test conditions. However, under nonconsequential test conditions, regulation of cognition lost its predictive power and mastery goal orientation and task value became the main reasons for students' engagement with the task. (Contains 3 tables.)