We investigated what factors would be related to students' achievement in mathematics courses offered at a virtual high school. This was an attempt to understand why some succeed and some do not as well as to suggest what should be done to help with student success. Seventy‐two students responded to a self‐report survey on motivation (ie, self‐efficacy, intrinsic value), mathematics achievement emotions (ie, anxiety, anger, shame, hopelessness, boredom, enjoyment, pride), and cognitive processes (ie, cognitive strategy use, self‐regulation). A three‐step hierarchical multivariate regression was employed to examine which of the factors predict student achievement. Results showed that motivation accounted for approximately 13% of the variance in student achievement and self‐efficacy was the significant individual predictor of student achievement. However, when achievement emotions were added to the analysis, self‐efficacy failed to predict student achievement and emotions accounted for 37% of the variance in student achievement. Cognitive strategy use and self‐regulation did not explain any additional variance in the final scores. Findings are discussed and implications for future research and development are also suggested.