The Education University of Hong Kong has actively promoted student electronic portfolios (ePortfolios) for over a decade, offering students opportunities to document, manage, and reflect on their academic journeys. To address the challenges associated with goal setting, identifying learning experiences for reflection in ePortfolios, and limited digital competency—issues highlighted in previous studies and confirmed by a survey of first-year undergraduate students (N = 184)—a new framework termed self-regulated authentic learning (SRAL) has been developed. This SRAL framework integrates principles of self-regulated learning (SRL) and authentic learning (AL) into the process of ePortfolio development, aiming to support students in both formal and nonformal learning contexts. It is structured around three core features: fostering SRL, embedding AL experiences, and implementing targeted interventions based on students’ digital competency levels and the use of artificial intelligence (AI). While the SRAL framework shows promise in guiding students to address common barriers and constructing more meaningful ePortfolios, its implementation presents practical challenges and opens up key avenues for future research. For example, aligning existing curricula to incorporate ePortfolios with SRL and AL principles may require substantial restructuring of courses and learning activities. Moreover, enhancing collaborative learning and peer feedback within ePortfolios, as well as leveraging AI-powered personalized support, represent promising directions for further investigation. Extending ePortfolio use beyond academia to support lifelong learning and career development also warrants exploration, particularly in evaluating its long-term impact on employability and professional growth.