Macao’s students achieved high literacy performance, and Macao was rated as one of the educationally equitable regions in PISA 2012. In addition, a large proportion of ESCS-disadvantaged students exhibited better mathematical literacy performance than what their ESCS background predicted (OECD, 2013a, 2014a). Going beyond the halo of Macao’s educational outcomes, this study investigates what kind of factors or learning processes facilitate the phenomenon of Macao’s high performance and high equity (HPHE). On one hand, self-regulated learning (SRL) is one of the salient paradigms for investigating individual’s learning and achievement, and SRL factors are involved in the processes of mediating the impact of culture and social context on academic performance (Pintrich, 2000, 2004). On the other hand, a high level of educational resilience could possibly promote HPHE in Macao, and individuals’ learning factors facilitating educational resilience could possibly be related to SRL processes. Therefore, this study hypothesizes that SRL processes mediate the impact of Economic, Social and Cultural Status (ESCS) on mathematical literacy performance, and that educationally resilient students are proficient in SRL. Main research findings are as follows. First, in the Hierarchical Linear Modeling (HLM) multilevel mediation model, four SRL variables involving the regulation of cognition, motivation, behavior, and context are found to be mediators of ESCS on mathematical literacy performance. These mediators are mathematics self-efficacy, mathematics intrinsic motivation, familiarity with mathematical concepts, and mathematics work ethic. Second, using the logistic regression model, this study identifies the resilience in learning (RIL) characteristics (i.e., ESCS-disadvantaged resilient students’ SRL characteristics). Educationally resilient students score significantly higher in all RIL characteristic variables than non-resilient students with similar ESCS background. Third, with the WesVar single level mediation model, this study identifies the buffering processes of the RIL characteristic variables on Macao’s educational equity, and finds that these RIL characteristic variables explain the effects of ESCS on mathematical literacy performance. In sum, the research findings support the research hypotheses. At the end, summaries and recommendations are made based on the research findings. The recommendations relate to school and family education, support for ESCS-disadvantaged students, and orientation for future research.