This longitudinal study examined the relationship between self-efficacy, intrinsic value, and emotional engagement during one semester of university. Self-report questionnaires were administered three times to 217 undergraduates at the three universities. The results of the cross-lagged panel model indicated that intrinsic value at time 1 was a positive predictor of emotional engagement at time 2, self-efficacy at time 2 was a positive predictor of intrinsic value and emotional engagement at time 3, and emotional engagement at time 2 was a positive predictor of self-efficacy and intrinsic value at time 3. These results indicated that the timing when expectancy influenced learning was different from the timing when value influenced learning during one semester. The role of self-efficacy, intrinsic value, and emotional engagement in learning of undergraduates is discussed in light of the current findings.