Abstract. One out of every four upper secondary school students in Sweden interrupts their education, although the intention behind the new Curriculum for Upper Secondary School (GY 11) was to increase throughput of students with complete grades. Lack of study motivation is the most important explanation for students dropping out. This article analyzes study motivation from students and teachers’ perspectives. It is based on interviews in three upper secondary school programs that were analyzed with a qualitative approach and hybrid content analysis. Study motivation is set in relation to motivational strategies, achievement, and learning environment. The result showed similarities and differences in perceptions. Both teachers and students pointed to the importance of teachers, practical pedagogy, social relations, and the significance of grades for study motivation. An important difference between informants was that teachers put more emphasis on life skills and adapted study groups, whereas students pointed to the physical learning environment and teachers’ personalities as important. Conclusions in the study point to complex interplay between internal and external motivational factors and between situation, person, and learning processes. This leads to validity of interactive and transactional motivational perspectives. A broader and more in-depth study is needed primarily to understand students’ perspectives.