Aims This study aimed to investigate: (i) whether attitudes and beliefs about driving predict older adults’ driving self‐regulation, and how much variance in self‐regulation can be explained by these factors; and (ii) if driving confidence is controlled, whether attitudes and beliefs remain significant independent predictors of driving self‐regulation. Method The present study examined the psychosocial factors that underlie driving self‐regulation in 277 older adults within Australia. Participants completed standardised questionnaires about their driving, attitudes, belief and use of driving self‐regulation. Results Driving confidence, affective and instrumental attitude, and perceived behavioural control were all significant predictors of driving self‐regulation. The combination of these factors accounted for 56% of the variance in driving self‐regulation. Conclusion Driving self‐regulation is a complex behaviour influenced by a wide range of psychosocial factors. Improved understanding of these factors could inform strategies to improve older driver safety and influence the advice that people receive.