This study explores the impact of project-based learning (PBL) on enhancing core competencies in educational psychology courses, specifically learning motivation, critical thinking, and collaborative problem-solving skills among undergraduate students. The research sample comprised 42 undergraduate students enrolled in an educational psychology course. A project-based learning management plan was implemented, with assessments conducted using the Working Preference Inventory, the California Critical Thinking Disposition Inventory, and the Collaborative Problem-Solving Skills Scale. The results indicate that PBL significantly enhances students' competitive awareness (t = 3.58, p < 0.01) and thirst for knowledge (t = 5.93, p < 0.001). Moreover, PBL fosters the systematic nature of students' cognition (t = 2.98, p < 0.05) and promotes cognitive maturity (t = 44.08, p < 0.001). It also strengthens students' ability to plan and execute problem-solving tasks (t = 4.00, p < 0.001). However, group collaboration in PBL settings may reduce individual initiative. These findings underscore the effectiveness of PBL in developing students' core competencies, particularly within educational psychology. On one hand, this study highlights the role of PBL in enhancing students' comprehensive abilities and promoting deep learning in undergraduate education. On the other hand, it suggests that the design and implementation of PBL should balance the dual needs of individual and team-based learning.