This study highlights the importance of metacognitive awareness of economics students and examines the relationship between Problem-Based Learning (PBL) and Metacognitive awareness among economics students. This research was conducted in the Faculty of Economics, Universitas Negeri Malang of Indonesia by employing economics students as the subject of the research. This study followed a classroom action research conducting in two cycles. Each cycle consists of four steps, namely planning, implementing, observing, and reflecting iteratively. The data were obtained adapted from the Metacognitive Awareness Inventory (MAI) instrument in order to understand the level of students' metacognitive awareness. The findings indicate that the level of students' metacognitive awareness is various and generally in the moderate category. After the implementation of problem-based learning, numerous students have moved to a greater level of metacognitive awareness. In this study, the noticeable changes were provided in three knowledge, including declarative, procedural, and conditional knowledge, while the lowest score was in debugging strategy. Lastly, having better metacognitive awareness helps students to overcome difficulties in economics topics.