Background <p>Academic self-efficacy is a key predictor of academic performance. As college students mature, they increasingly focus on their future prospects. This study intended to further examine the relationship between college students’ future time perspective (FTP) and academic self-efficacy (ASE) by introducing personal growth initiative (PGI) and learning engagement (LE) as two mediators from the perspective of positive psychology.</p> Methods <p>A total of 1387 college students were surveyed using the General Future Time Perspective Scale for College Students, Personal Growth Initiative Scale-II, Learning Engagement Scale, and Learning Ability Self-Efficacy Subscale. The mediation analysis was performed using bias-corrected nonparametric percentile bootstrap test.</p> Results <p>Personal growth initiative and learning engagement significantly mediated the effect of future time perspective on academic self-efficacy, with a chain mediating effect size of 53.2% and a total mediating effect size of 67.5%.</p> Conclusion <p>Personal growth initiative and learning engagement serve as two important mediators in the relationship between future time perspective and academic self-efficacy among college students. It is recommended to implement career planning interventions for college students to strengthen their future time perspective, promote personal growth initiative, enhance learning engagement, and ultimately boost academic self-efficacy.</p>