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We investigated the longitudinal interrelations among self-efficacy, interest value, and effort cost in adolescent students’ educational outcomes in the English domain across one year. The latent cross-lagged modeling based on a group of 360 Chinese middle school students revealed significant reciprocity between self-efficacy and effort cost. Prior effort cost also emerged as a significant predictor of later interest value. These findings suggest that effort cost plays an important role in the development of students’ academic motivation. In addition, self-efficacy and effort cost significantly predicted final achievement whereas self-efficacy and interest value significantly predicted future choice intentions. These results indicate the importance of considering students’ expectancy, value, and cost beliefs to better understand their motivational processes in the school setting.