This paper presents a study conducted with 324 university students and investigates how their perceived competence, interest, cost, importance and utility toward their study may predict the achievement emotions felt during studying. The students filled out an online questionnaire on their perception of their work environment during the COVID period. The results show that perceived competence and interest positively predict positive emotions and negatively predict negative emotions. More specifically, perceived competence positively predicts pride, while interest positively predicts joy, hope, and relief. In contrast, perceived competence negatively predicts shame, anxiety and hopelessness, while interest negatively predicts anger and hopelessness. Interestingly, cost significantly predicted negative emotions (i.e. anger, anxiety and hopelessness), while importance and utility were not significantly related to any emotions. The results confirm the importance of aspects of expectancy-value as possible antecedents of positive emotions felt in a context of learning and achievement. Interestingly, our results suggest that specific dimensions of expectancy-value related to prospective factors (i.e., utility and importance) may not be involved in achievement emotions.