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We examined how multidirectional social comparisons predicted academic engagement and explored the mediating role of value and cost beliefs between academic social comparisons and engagement. Results from 514 undergraduates revealed that multidirectional academic social comparisons demonstrated distinct predictive utilities on academic engagement. Specifically, upward comparison positively predicted interest value and attainment value, which in turn enhanced engagement. In contrast, downward comparison negatively predicted interest value and attainment value and positively predicted cost, ultimately leading to lower engagement. Downward comparison also significantly predicted cost, which in turn resulted in higher disengagement. These results highlight the importance of multidirectional social comparisons in predicting academic engagement and suggest educators should consider students’ value and cost beliefs in order to better promote academic engagement.