Objectives The present study aimed to investigate the moderating role of subjective well-being on the relationship of goal orientation (skill-oriented, performance-oriented, performance-avoidance) and metacognition with the academic self-efficacy in students of Islamic Azad University, Ahvaz Branch, Ahvaz City, Iran. Methods This was a cross-sectional research with correlational design. The study population comprised all students of Islamic Azad University Ahvaz Branch, Ahvaz City, Iran. The research sample included 400 students (200 boys and 200 girls), who were selected by multi-stage cluster sampling method. For the measurement of the study variables, goal orientation questionnaire, state metacognition inventory, satisfaction with life scale, and college academic self-efficacy scale were used. Results The results of the Pearson correlation coefficient indicated a significant correlation (P<0. 0001) between subjective well-being, goal orientation (skill-oriented, performance-oriented, performanceavoidance) and metacognition with academic self-efficacy among the students. Moreover, the adjusted regression analysis indicated that subjective well-being had an adjusting role on the relationship of goal orientation and metacognition with the academic self-efficacy. Conclusion The relationship between goal orientation (skill-oriented, performance-oriented, performance-avoidance) and metacognition with academic self-efficacy is not a simple linear associ-ation but adjusted and moderated by subjective well-being.