Academic performance is among the several components of academic success. Many factors, including socioeconomic status, student temperament and motivation, peer, and parental support influence academic performance. Our study aims to investigate the determinants of academic performance with emphasis on the role of parental styles in adolescent students in Peshawar, Pakistan. A total of 456 students from 4 public and 4 private schools were interviewed. Academic performance was assessed based on self-reported grades in the latest internal examinations. Parenting styles were assessed through the administration of the Parental Bonding Instrument (PBI). Regression analysis was conducted to assess the influence of socio-demographic factors and parenting styles on academic performance. Factors associated with and differences between “care” and “overprotection” scores of fathers and mothers were analyzed. Higher socio-economic status, father’s education level, and higher care scores were independently associated with better academic performance in adolescent students. Affectionless control was the most common parenting style for fathers and mothers. When adapted by the father, it was also the only parenting style independently improving academic performance. Overall, mean “care” scores were higher for mothers and mean “overprotection” scores were higher for fathers. Parenting workshops and school activities emphasizing the involvement of mothers and fathers in the parenting of adolescent students might have a positive influence on their academic performance. Affectionless control may be associated with improved academics but the emotional and psychosocial effects of this style of parenting need to be investigated before recommendations are made.