Despite the importance of speaking skills, most Chinese graduates leave universities unable to communicate effectively in English. Therefore, this study aimed to investigate the differences between EFL students' perceived and actual speaking performance and to understand their learning needs better. The study involved 45 EFL learners and utilized a mixed-methods research design. Data were collected via a questionnaire, a speaking test, and semi-structured interviews. The findings revealed that EFL students overestimated their speaking performance, implying they were unaware of their limitations. Hence EFL instructors need to provide better guidance to enhance their speaking skills.