Metacognition refers to the monitoring and control of one's own cognitive processes. The positive impact of metacognition on learning and academic performance has been extensively studied. However, metacognition is not a unitary construct; it is composed of interrelated facets, such as knowledge about one's cognitive processes and products (metacognitive knowledge), the real-time monitoring of these processes (metacognitive experiences), and the ability to regulate them (metacognitive skills). Few studies have explored how these three components and their interrelations relate to learning. To investigate this issue, we assessed 73 undergraduate students using two self-report questionnaires and two behavioural tasks designed to evaluate facets of metacognition and associative learning. We also collected data on participants' academic performance. The results show that associative learning is primarily related to metacognitive experiences, while academic performance is associated with all facets. Additionally, we found evidence of how the facets of metacognition jointly relate to learning. First, mediation analysis revealed that the impact of metacognitive knowledge on learning is fully mediated by metacognitive experiences. Second, moderation analysis demonstrated that the use of metacognitive skills strengthens the relationship between metacognitive experiences and learning. Our findings underscore the differential roles of metacognition facets in associative learning and academic performance.