Studies on utility value, metacognitive strategies, and achievement have usually examined these variables in a static manner. However, each of these variables changes across time and the relationships among them are dynamic. Hence, studies that examine changes in individual trajectories (change in each variable over time) and concurrent trajectories (how relationships among the variables change over time) are needed. The current study examined both the individual and concurrent trajectories of utility value, metacognitive strategies, and achievement using a three-wave longitudinal sample of 6,776 Hong Kong secondary students (Mean age at Time 1 = 13.23, SD = 1.06). Results of the latent growth models indicated that intrinsic utility value declined while achievement increased across three years. Multivariate latent growth modeling showed that students who started with higher levels of metacognitive strategy use experienced a slower decline in intrinsic utility value. Moreover, the faster metacognitive strategy use increased over the years, the slower intrinsic utility value declined and the faster achievement increased. This study suggests the importance of examining the dynamic relationships among motivation, strategy use, and achievement.