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Underachievement, defined as discrepancies between ability and academic performance, is a widespread problem. Our study examines students’ math underachievement, its motivational antecedents, and impact on future math and college outcomes. Using the High School Longitudinal Study, we identified students who exhibited a math ability-achievement discrepancy between standardized math scores at the beginning of grade 9 and final math grade in fall of grade 9. We then conducted generalized structural equation modeling to identify direct effects of motivation on underachievement and the effects of math underachievement on future STEM and college outcomes, while assessing moderation by high ability. We found math motivation to significantly predict math underachievement. Math underachievement was subsequently associated with grade 12 math GPA and college enrollment.