The aim of this study is to find out the reason why intellectually gifted adolescents may have poor academic achievements. Comprehensive analysis of psychometric intelligence, conscious self-regulation of learning activities and academic achievements relationships was carried out on a sample of 87 students aged 14—16 years. All of them attended school for gifted adolescents Sozvezdie and enrolled in a special academic program (A Gifted Child). A comparison of KFT and SSUDM questionnaires average values (on standardization and study samples) showed that gifted adolescents have higher levels of conscious self-regulation and regulatory processes of planning, modeling, and programming than their ordinary peers. The relationships between all regulatory processes, overall level of conscious self-regulation and IQ level with academic achievements in humanities and sciences were established. It was also proved that conscious self-regulation mediates students’ academic achievement. It can be concluded that high self-regulation of educational activity is as important for academic achievements as high IQ-level. Only the students who are initiative in regulating learning process as well as their activity in school can achieve the highest results. Thus, initiativity and autonomy are the link between the motivational sphere, IQ and the system of conscious self-regulation of educational activities.