Self-regulated learning (SRL) has numerous benefits for students. For this reason, it is necessary to understand what factors can affect SRL. The literature has indicated that many factors can influence SRL as a whole. However, few studies have investigated the relationship between factors that can affect SRL and different phases of SRL. This research aims to investigate the influence of learning motivation and self-regulated learning climate on three phases of SRL (forethought, performance, and self-reflection) in higher education context. Thirteen Chinese undergraduates participated in semi-structured interviews. The results reveal that both learning motivation and self-regulated learning climate have significant impact on forethought, performance, and self-reflection. This study also demonstrates that personality may play a role of mediator in the effect of learning motivation on SRL. The influence of self-regulated learning climate on SRL is related to the level of interaction between teachers and students. These findings can help to further develop undergraduates' SRL ability.