Previous procrastination research has provided considerable support for procrastination as a failure of self-regulation. However, procrastination has been rarely examined in relation to models of self-regulated learning. Accordingly, the purpose of this study was to understand the motives and reasons for academic procrastination from a self-regulated learning perspective. Using a mixed-methods study, forty-one students completed measures of students’ academic procrastination and their self-regulation and academic motivation and participated in semi-structured interviews conducted to explore students’ perceptions of and their reasons for procrastination. Results indicate that academic procrastination was related to students’ defensive behaviors including self-handicapping as well as low use of regulatory strategies. Support for students’ demonstration of procrastination as an adaptive behavior (“active procrastination”) was also indicated. Implications for both research and practice are provided.