This paper presents a research directed to examine the relation between students' metacognitive awareness and physics learning efficiency. Questionnaire of metacognitive awareness and physics knowledge test were applied on the sample of 746 subjects of both sexes, first graders of Grammar Schools in Novi Sad, Republic of Serbia. Obtained results were treated statistically. Results analysis shows that 15 years old girls have higher level of metacognitive awareness than 15 years old boys. It is shown that achievement in physics is not dependent on gender. The results indicate significant moderate correlation between metacognitive skills and student achievement in physics (r = 0.48473, p < 0.001). Important insights about metacognitive awareness and efficiency in physics learning have been generated. Our study has highlighted the benefits of developing metacognitive awareness to achieve better results in physics teaching-learning process.