The relationship between university students' perceptions of their academic environment, their approaches to study, and academic outcomes was investigated for first and fourth-final year students. The responses of 88 first and 92 fourth year students were analysed using a path analysis model. Students' perceptions of the learning environment were measured by an instrument based on the Course Perceptions Questionnaire (CPQ) and Course Experience Questionnaire (CEQ) inventories. The Approaches to Studying Inventory (ASI) was used to assess students' approaches to studying. The structure of the ASI inventory was explored by factor analysis. The analysis gave two factors which reflect the deep and surface approaches to studying. Workload does not predict any of the studying approaches and academic outcomes. There was a pattern of relationships between deep approach, perceptions of learning environment which encourage this approach, and outcomes. Assessment methods was the best predictor of satisfaction for all of the students. For the first year students, University grade was not associated with any of the explored variables but the level of satisfaction was predicted by relationships with tutors and fellows. For the fourth year students, good teaching predicted achievement both directly and indirectly through the deep approach to studying. The findings indicate that fourth year students' perceptions of the current learning environment are a stronger predictor of academic achievement than prior academic ability (university entrance examinations' grade). The study suggests further exploration of the impact of affect in learning especially for the newcomers.