Previous research indicates that higher educational students' perceptions of stress are in part related to the teaching and learning context, and influence academic outcomes. This study intends to deepen our understanding of these processes by examining the linkages between approaches to learning, perceived stress and expected and actual academic outcomes within a specific educational setting. First-semester psychology students (N = 191) completed a questionnaire, including short versions of ASSIST and PSS, and estimated their course grade before a written examination. Later, actual grades were added. The results suggest that surface approach to learning is positively associated with high levels of perceived stress, and reflected in lower levels of expected grades. The relationships between deep and strategic approaches to learning and perceived stress seem to be more ambivalent, despite positive associations with expected grades. Coping and motivational aspects of the concepts of surface and strategic approaches to learning seem to be crucial to understanding the linkages between the examined factors. Also, the significance of a strategic approach in relation to actual academic outcomes is highlighted.