Three conceptions of learning (rote, interpretative and constructive), and two aspects of motivation (level and value of motivation) were identified in 258 Spanish psychology undergraduates classified in three different academic levels (initial, intermediate and final course). Results about conceptions of learning showed final-course students are the most constructive and interpretative whereas students in the initial level have higher scores in rote conception. With respect to motivation, level and value are significantly related to one another, with a specific correlation between a high level of motivation and an intrinsic value whereas a low level was related to an extrinsic value. Additionally, intrinsic value in final-course students is significantly higher than in initial and intermediate-course students. Besides, we observed that students with both higher motivation and intrinsic value have a significantly higher score in interpretative and constructive conceptions. With respect to the academic level in psychology, initial-course students with intrinsic value or high motivation have a higher score in the constructive conception of learning. Intermediate students obtain a high score in the constructive conception if they are highly motivated. Final-course students did not show significant differences as regards the conception of learning dependent on motivation.