This paper deals with different theoretical views and research regarding metacognition, its components and relations to cognition, conceptual discrepancy as well as opposing research results. Special attention was paid to the relation between metacognitive knowledge and the regulation of cognitive strategies. Reflexive awareness about personal cognitive processes is emphasized, but research discrepancies are apparent in regard to cognitive regulation. Research results focused on development of personal learning awareness and regulative skill involvement in the educational process (planning, monitoring and evaluating) are presented. A discussion was also focused on various views on relations between metacognition and the self which are of special importance for providing motivation in learning. Research data show that metacognitive awareness correlates with self. Metacognitive training affects development of the control experience and self-efficiency. The role of metacognition is emphasized as important for understanding relationship between cognition and motivation, which also affects learning self-regulation development. The paper emphasizes the significance of further study of metacognition and the possibilities for its use in the educational process. Research show that both metacognitive knowledge and regulation may be beneficial for: problem solving in learning processes, development of learning strategies and student achievement.