This longitudinal study explored the development of Finnish undergraduate nursing students' motivation regulation profiles during two years in traditional and blended learning environments. Also, the association between the profiles and experienced study engagement, burnout and academic performance was investigated. The data were collected with a survey and included motivation regulation, study engagement, and burnout scales that were combined with students' entrance examination scores, study credits, and grade point averages. Regardless of the learning environment, a majority (62.3%) of the students showed a sustainable, highly developed motivation regulation profile over time. They reported strong study engagement, higher academic performance, and reduced susceptibility to cynicism when compared to the students with less-developed motivation regulation profiles. However, individual reciprocal transitions between motivation regulation profiles over time were found with a group of students. As such, motivation regulation is changeable and influenced by situational components in learning. This aspect should be emphasized in developing professional higher education and teaching.