Motivation plays a key role in student academic success and wellbeing. Student use of eight motivational regulation strategies (MRS) and their motivation profiles were assessed in an initial sample of 737 first year university students, along with assessment of their levels of subjective wellbeing, positive and negative affect, sense of purpose and self-efficacy. More autonomous motivation types were shown to correlate with higher levels of wellbeing and related measures. Performance approach and performance avoidance introjected motivation were demonstrated to have very different effects on wellbeing, highlighting the importance of assessing these two forms of introjected motivation individually. All MRS, except for performance avoidance self-talk were shown to have positive effects on wellbeing and related measures. Correlation of motivation types with academic performance were weaker than the wellbeing correlations but displayed similar patterns. Only three MRS (proximal goal setting, performance approach self-talk and environmental control) were shown to have a positive effect on academic performance. Latent profile analysis identified five distinct motivation type profiles and demonstrated that the more autonomous profiles typically had better wellbeing outcomes. Latent profile analysis also identified three and four profile models of MRS use, both of which demonstrated that higher use of MRS had better wellbeing outcomes. A second survey allowed the use of latent transition analysis to demonstrate that, over an eight-week period, the stability of different profiles ranged between 41 and 89%, demonstrating that student motivation and use of motivation regulation strategies is dynamic and can change over even short periods of time. The introduction of a simple self-talk intervention to students had no significant effect on student motivation, wellbeing-related, MRS use or academic outcomes but has provided information to inform the design of future interventions and studies.