Educational identity is a central domain of development for emerging adults enrolled in higher education. The purpose of this study was to explore the relationships between educational identity and key constructs from control value theory that may be used to support both academic achievement and positive identity development. A sample of 258 Australian emerging adults (age M = 22.24, 74.4% female) enrolled in higher education completed measures of their educational identity, control and value appraisals, and a variety of positive and negative achievement emotions. Results showed that the identity statuses of achievement and early closure were related to the most adaptive appraisals and achievement emotions, while the opposite was true of the moratorium and searching moratorium statuses. Based on these findings, we propose a novel cyclical model in which reciprocal relationships between the identity processes, control and value appraisals, and achievement emotions can either support or hinder development and academic achievement of emerging adults.