Self-efficacy and value are key determinants of English as a foreign language (EFL) learning achievement, yet past studies predominantly focused on the average level of students' self-efficacy and value by using variable-centered approaches. Studies on individual differences in EFL learners' self-efficacy and value are still in their infancy. Thus, a person-centered approach (i.e., latent profile analysis) was adopted to identify profiles of students' self-efficacy and value with 491 Chinese EFL learners. Four profiles emerged: (a) low self-efficacy and value; (b) low self-efficacy but medium value; (c) medium self-efficacy and value; and (d) high self-efficacy and value EFL learners. Findings indicated that support from peers emerged as the strongest factor associated with the profile memberships. Moreover, the high self-efficacy and value learners had the highest engagement and academic achievement in learning English. Theoretically, the study extended the Situated Expectancy-Value Theory to the EFL context. Practically, the study underscores the significance of self-efficacy for Chinese EFL learners and recommends placing a stronger emphasis on peer support.