Current theoretical and operational definitions of underachievement require that students show sustained suppressed academic achievement. Yet, early detection may allow for effective intervention before underachievement becomes a chronic issue. While existing identification procedures were not designed to detect underachievement before low academic performance occurs, the integration of self-regulated learning (SRL) into these practices may promote earlier identification and intervention. This conceptual paper (a) anchors gifted underachievement within Zimmerman's SRL model, (b) examines existing gifted literature investigating SRL components to demonstrate the benefits of applying an SRL model, and (c) proposes a comprehensive measurement and intervention technique to capture important motivational variables at the task level. By measuring SRL processes and underachievement at a task-specific level, we can target interventions to specific needs, address underachievement before it becomes a persistent problem, and help learners reach their academic potential.