A person-centered approach was applied to identify the motivational orientation profiles in a sample of 1533 higher education students in Finland at different years of their studies. We also explored the extent to which study engagement and study burnout relate to motivational orientation profiles, and we examined the association between motivational orientation profiles and academic achievement (i.e., study credits). Three groups of students with distinctive motivational orientation profiles—mastery-oriented, moderation-oriented, and avoidance-oriented—were identified using latent profile analysis. The results showed that high study engagement and academic achievement, in terms of study credits, were associated with the mastery-oriented group. High study burnout was associated with the avoidance-oriented group. The moderation-oriented students reported average levels of motivation relative to the two other groups. The study also considered the importance of motivational orientation, study well-being, and academic achievement across different years of study, seeing this as relevant and beneficial, as motivational issues may be crucial during studying, not only upon entering higher education.