There is much concern regarding the underachievement of gifted students. Gifted students have the potential to make outstanding contributions to society. The present study analyzed the perceptions of teachers, principals, and one director of gifted education of gifted 4th and 5th grade students in the area of reading and explored constructs of underachievement (goal valuation, self-efficacy, environmental perceptions, and self-regulation) to determine to what extent they are present in gifted reading students. Mixed methods research was used to examine the research questions. Qualitative data was gathered by conducting interviews with teachers of gifted students, elementary principals, and the director of a district's gifted program. The educators reported academic underachievement and associated several factors to this underachievement, with environmental perceptions and motivation being the major factors. Quantitative data in the form of student semester grades were collected to determine whether or not underachievement exists. Based on student data, there was underperformance in the gifted reading classes at each of the three schools in the study. This study linked the factors of underachievement and gifted students while adding to the body of research relating to gifted education in elementary schools. Implications for elementary school principal and teacher training are presented. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]