The purpose of this article is to analyze the relationship between metacognition, learning strategies and academic emotions in 1096 university students belonging to different academic programs from a Colombian higher education institution. To this end, a principal component factor analysis was performed to reduce the dimensions represented in the items of the instruments used and structural equation modeling (SEM) was applied to explain the existing interrelationships among the three variables studied. The findings show that there is a positive relationship between metacognition and learning strategies and these, in turn, with positive academic emotions; on the contrary, negative academic emotions have a negative relationship with learning strategies and metacognition, which leads us to conclude that metacognition fosters learning strategies and negative academic emotions discourage it.