Self-regulated learning and EFL speaking competence are seen as crucial abilities for students to acquire in the twenty-first century. However, EFL students' performance in self-regulated learning and speaking has not been optimal. Therefore, the implementation of flipped classrooms aims to achieve a breakthrough in self-regulated learning and EFL speaking competence. So, by taking an interpretative qualitative approach, this study explored in-depth the pivotal factors that caused the influence of the flipped classroom on students' self-regulated learning and EFL speaking competence from the perspective of students' own experiences and viewpoints. The data collected include students' records of academic performance and reflective journals and in-depth interviews with eight university students to explore pivotal factors for the influence of the flipped classroom on students' self-regulated learning and EFL speaking competence. Thematic analysis was used to analyze the data. The results showed student-related factors (learning style, learning interests, and self-confidence) and classroom-related factors (flipped classroom design, content and materials, and quality of instructions) influencing the students' development of self-regulated learning and EFL speaking competence in the flipped classroom. The findings shed light on the factors why the flipped classroom influences self-regulated learning and EFL speaking competence. Moreover, the study proposes a student-oriented framework for EFL speaking flipped classrooms to help enhance students' self-regulated learning and EFL speaking competence.