Efforts to regulate negative emotions experienced in academic settings are important learner’s characteristics that affect learning processes as well as academic achievements. So far the emotional regulation has been studied in the context of social situations, related to interpersonal relation, adaptation, and subjective wellbeing. In this study, we focus on emotional regulations in academic settings and develop a scale to measure academic emotional regulations. This study was performed on 750 students in 6 middle and high schools in Seoul, Gangwon, and Junbuk area. The results of this study are as follows. First, emotional regulation strategies frequently employed by middle and high school students were extracted from interviews and open-ended questionnaires. The scale for assessing students’ emotional regulation was developed with various episodes in academic settings. Secondly, 40 items with 8 episodes were developed. In order to control situation effects since the items are organized according to episodes, the analysis was performed using MTMM CFA-CU model that considers correlated error. The major advantage of CFA MTMM approach with correlated errors is that the variance of a measure can be orthogonally partitioned into trait, method. The result of the confirmatory factor analysis on 5-factor model is satisfactory on coefficient of factor loading, coefficient of determination, goodness of fit indices. Thirdly, five strategies of emotional regulation had positive correlations with existing emotional regulation scales but negative correlations with the inability of emotional regulation. The strategies of emotional regulation in this study had positive correlation with the students’ grades. It shows that the newly developed scale of this study is distinct from the existing one and more suitable for academic settings. Further discussion on the results in this study are provided.