This study explored the self‐regulated learning (SRL) profile of upper elementary (fifth and sixth grade) school children who were differentiated in their task value beliefs (low and high) in language and mathematics. Students' SRL profile involved their teachers' ratings of achievement outcomes and SRL behaviors. The subscale of task value beliefs from the Motivational Self‐Regulated Learning Questionnaire (MSLQ) was administered to the children, and their teachers completed a battery of scales and measurements concerning students' achievement and SRL behaviors. The results confirm previous evidence indicating that SRL involves high levels of motivation, metacognition, and strategic action. Furthermore, the results support the domain‐specific character of task value beliefs. Differences in teachers' evaluations about the achievement outcomes and SRL behaviors regarding the two groups of students (low and high in task value beliefs) were found significant mostly in the domain of mathematics. Students with high value beliefs in mathematics were described as more cognitively, metacognitively, and motivationally competent learners as compared to students with lower value beliefs. The results suggest that future intervention studies should focus on strengthening task value beliefs in “threatening” school subjects, such as mathematics, from the elementary school years. © 2010 Wiley Periodicals, Inc.