Lifelong learning is emerging as a key priority for promoting equity and sustainability in societies. Self-regulated learning (SRL) is a fundamental requirement for achieving successful lifelong learning, and digitization is increasingly influential in this regard. This mixed-methods study explores the degree to which adaptive learning technology (ALT) can assist university students in their SRL with timely and personalized support. Additionally, the study examines how students perceive this feedback and incorporate it into their learning behavior. Using hierarchical linear modeling, we investigated the development of SRL over a 9-week period. Semi-structured interviews were conducted with purposively selected learners, based on stimulated recalls. The quantitative results demonstrate positive development in certain components of SRL. Furthermore, the results indicate that metacognitive activity can be partially predicted by motivational and emotional states. The qualitative findings reveal that learners have varying perceptions of feedback received from ALT and integrate it into their learning behaviors based on their individual benefits. The results support the assumption that feedback provided through educational technology must be precisely tailored to the needs of learners, taking into account the dynamics of their individual learning processes. The study contributes to the ongoing discussion on the design of educational technology.