We examined the moderating effects of mastery goals and academic contingency of self-worth (CSW-A) on how perfectionistic discrepancy associates with academic efficacy and satisfaction with life among gifted students in middle and high school. Participants in this study were 144 gifted students from 6th to 12th grade in a suburban Midwest U.S. school district. A significant three-way interaction effect was found among discrepancy, mastery goals, and CSW-A on academic self-efficacy. The findings suggest that having high mastery goals served as a protective factor against the negative impact of discrepancy on academic efficacy for gifted students, but only for those with low CSW-A. For gifted students with elevated CSW-A, discrepancy was not negatively associated with academic self-efficacy, regardless of their level of mastery goals. The implications for these findings are discussed. (Contains 1 figure and 2 tables.)