Considerable evidence indicates that self-efficacy, task value, anxiety, and the use of language learning strategies are related. However, there is currently an insufficient understanding about their relations in high-stakes testing contexts. The author aimed to investigate how well social factors, test value, anxiety, test performance, and learning strategies predict high school students' self-efficacy in preparing for the English listening test as part of the University Entrance Examination in Taiwan. This research involved a large-scale questionnaire survey and a collection of students' English test scores. The participants were 636 students in Grade 12 of high school in Taiwan. A quantitative analysis of the questionnaire was conducted via hierarchical regression analysis. The results show that students' recent English test performance and test anxiety were two strong predictors of self-efficacy in preparing for the high-stakes test. In addition, resource management and metacognitive listening strategies had better predictive power over prior English level and test value.