Identity is often studied as a motivational construct within research on adolescent development and education. However, differential dimensions of identity, as a set of internal values versus external perceptions of social belonging, may relate to motivation in distinct ways. Utilizing a sample of 600 African American and Latino adolescents (43% female; mean age = 13.9), the present study examines whether self-regulated learning (SRL) mediates two distinct dimensions of academic identity (i.e., "value" and "belonging") and mastery orientation. This study also examines whether self-efficacy moderates the mediating role of SRL between identity and mastery. Results show evidence for moderated mediation between SRL and academic self-efficacy. Self-regulated learning played its strongest mediating role between belonging and mastery and for low-efficacy students specifically.