Previous studies have identified the relationship between cognitive activation and academic emotions. However, little is known about the underlying process behind this relationship. Considering that cognitive activation strategies may have different effects on students of different abilities, latent multi-group structural equation modelling was used to compare the mechanism mentioned above. Findings showed that (1) academic self-concept and value significantly mediated the link between cognitive activation and academic emotions among students with different mathematics achievements; (2) the mediating effects of academic self-concept and value are more significant in the below-average students than in the above-average students.