This study was designed to verify the connections between psychological factors, expectancy-value beliefs, and academic performance. A cross-sectional survey was conducted with a systematic sample of 12,452 college freshmen from 70 higher education institutions (HEIs) in the Philippines. Zero-order correlations revealed that psychological factors, expectancy-value beliefs, and academic performance are significantly interrelated with each other. Path analysis revealed that help-seeking, self-esteem, self-efficacy, and social support positively influence expectancy-value beliefs and academic performance. Furthermore, the path analysis showed that academic overload and perceived stress exerted a negative influence on expectancy-value beliefs and academic performance, while expectancy-value beliefs had a positive influence with academic performance. Mediation analysis revealed that expectancy-value beliefs to OBE partially mediate the effects of the six psychological variables, namely help-seeking, self-esteem, self-efficacy, social support, academic overload and perceived stress, on academic performance. Based on the results of the study, a model that would predict the academic performance of students under OBE approach using psychological factors and expectancy- value beliefs, was developed.