Learner-centered debriefing and self-regulated learning are widely recognized as important contributors to nursing education, yet their combined influence on clinical performance remains unclear. This mixed-methods study examined the role of self-regulated learning in the relationship between learner-centered debriefing and clinical performance among nursing students in Mindanao, Philippines. Using an explanatory sequential design, quantitative data were collected from 197 Level 3 nursing students through validated questionnaires on learner-centered debriefing and self-regulated learning, while clinical performance ratings were obtained from clinical instructors. Qualitative data were subsequently collected through interviews with students and clinical instructors to explain the quantitative findings. Quantitative analyses revealed very high levels of learner-centered debriefing, self-regulated learning, and clinical performance. Learner-centered debriefing and self-regulated learning were positively associated with clinical performance, and learner-centered debriefing demonstrated a strong positive relationship with self-regulated learning. However, self-regulated learning did not significantly mediate the relationship between learner-centered debriefing and clinical performance. The study identified a reflection–performance gap in nursing education: learner-centered debriefing promoted self-regulated learning, but reflective learning did not automatically translate into improved clinical performance. Qualitative findings revealed that clinical unfamiliarity, fear of mistakes, and competing patient-care demands frequently constrained students’ ability to transform reflection into effective clinical action. Self-regulation remained largely instructor-guided, with students relying on instructor feedback for goal setting, self-monitoring, and help-seeking. Overall, the findings suggest that clinical performance is influenced not only by reflective learning processes but also by technical preparedness, psychological safety, and the realities of the clinical environment.