It is potentially beneficial for all college students to have perspectives on identity and future connections to develop and maintain academic motivation. However, researchers have yet to examine probationary students' identity-based motivation (IBM) and perceived instrumentality (PI), and how those motivational constructs relate to their academic performance. This longitudinal survey study (N = 225) investigated the distinct structure of IBM and PI, as well as their different relationships with positive self-beliefs and self-regulation toward academic performance. The results demonstrate that (a) probationary students' IBM (i.e., important mindset and impossible mindset) and PI are related yet distinct constructs; (b) IBM and PI are associated with positive self-beliefs and self-regulation differently at the "present" (self-concept and self-efficacy for self-regulated learning) and "for the future" (persistent academic possible selves); (c) the data support an integrative model including IBM and PI (antecedents), positive self-beliefs and self-regulation (mediums), and expected grades and retention (outcomes). Based on this empirical study, it is vital to understand probationary students' IBM and PI along with positive self-beliefs and self-regulation to promote their academic achievement and retention.