The relationship between an individuals’ mood and perceived self-efficacy (SE) has been of fundamental interest for organizational researchers. However, the causality of this relationship has not been agreed upon in existing research. While one set of studies propose that mood influences SE the contrasting view contends that this relationship is not significant. The article presents a conceptual model on the relationship between mood and SE, positioning hedonic and utilitarian motivation as moderators of this relationship. The literature concerning these constructs is reviewed and linkages between them are examined. A four-quadrant framework delineating the impact of hedonic and utilitarian motivation on the relationship between mood and SE is proposed. Propositions are built around this framework and implications for human resource development are discussed.