This study investigates the influencing factors of the learning motivations of secondary school good EFL learners from the perspective of Personal Investment theory. Data were collected from 13 good English learners at a key foreign language school in Shanghai using retrospective narratives and semi-structured interviews. Results show that the developing trajectories of learners’ personal investment could be grouped into two categories: toward “self-regulation” or “goal-orientation”. The facilitating conditions from parents, teachers, and the school environment scaffolded the learners’ construction of a positive self-concept and perception of clear and multiple goals, and they consequently developed stable and sustainable learning motivations. Practical implications of the research findings are also discussed.