The present study investigates the relationships between EFL students’ conceptions of learning English and their self-regulated language learning strategies and compares both variables to English proficiency levels. A total of 161 college students were assigned to low-, intermediate-, and high-achievement groups based on their English levels. Then, students were given questionnaires that asked about their general information, conceptions of studying English, and self-regulated learning processes, and a reading comprehension test. The findings of the study revealed that those in the high-achievement group were better at increasing their knowledge factor and understanding and seeing in a new way factor. In addition, the high-achievement group reported significantly more use of internal orientation, cognitive strategy, and metacognitive strategy factors in terms of self regulation than the other groups. Based on the results, pedagogical implications and teaching suggestions are offered at the end of this article.