This study explored the latent profiles of self-regulated learning (SRL) strategies (cognitive, metacognitive, and motivational regulation) endorsed by Chinese English-as-a-foreign-language (EFL) readers in a high-stakes testing environment, and also their associations with individual factors (gender, grade, reading proficiency, and motivational beliefs). With a sequential explanatory mixed-methods design, students in grades 11 and 12 (n = 1,113) completed a reading comprehension test and a questionnaire regarding their strategy use and individual factors, and some (n = 16) were randomly selected for follow-up semi-structured interviews. Findings revealed three SRL profiles, characterized by high, medium, and low levels of SRL-strategy use. Self-efficacy and extrinsic motivation most powerfully predicted an individual's profile membership; all the intrinsic and extrinsic motivation variables were significantly higher for learners from the higher strategy-use profile. Moreover, reading proficiency did not significantly predict profile membership, but more self-regulated students still achieved higher reading scores as a group tendency.