This study applied a person-oriented approach to differentiate middle school students' academic achievement and psychological well-being. The profiles were identified according to their learning-related motivational beliefs (indicating how motivated they are to learn effectively) and the perceived effectiveness of learning strategies (about how students evaluate deep and surface learning strategies). Participants (N = 1356, Grade 8) completed three questionnaires assessing the motivational beliefs, perceived effectiveness of learning strategies, and psychological well-being. Reading comprehension score was used as an academic achievement measure. Four profiles were identified: high, average, low, and very low learning competence. Profiles differed most in valuing effective learning. Students who belonged to profiles with higher motivational beliefs and better knowledge of learning strategies were also more academically successful and rated their psychological well-being higher compared to students who belonged to profiles with lower motivation and firmer knowledge of learning strategies. To improve students' academic success and well-being, education systems should focus on teaching effective learning strategies as well as supporting motivational beliefs.