In the present study, we examined intra‐individual relations among emotions when receiving test results and subsequent test review activities, and the direct and moderating effects of perceptions of test value. The participants, 90 first‐year students at a private girls’ secondary school, self‐reported their present emotional state immediately after receiving their test results and their test review activities 1 week after the tests were returned. The same survey was conducted on four occasions. Results of multilevel analyses indicated that emotions experienced when receiving test results did not predict subsequent learning behavior. The results also showed that relations among emotions and review activities differed across students. Although we investigated whether such individual differences in relations might be attributed to perceptions of test value, no moderating effect could be observed. Furthermore, improvement‐oriented test mindsets were found to be positive predictors of review activities by investigating the direct effect of perceptions of test value. These findings suggest that modifying students’ perceptions of test value may promote appropriate learning behavior.