Background: In over fifteen years of studies in educational psychology, researchers have examined the power of feedback and achievement emotions separately in two research lines: feedback research (e.g., Hattie & Timperley, 2007) and the control-value model of achievement emotions (e.g., Pekrun, 2006). Additionally, despite the high effect size of teacher feedback identified in student learning improvement, considerably little research has been done on the power of feedback from students' perspectives (Van der Kleij & Lipnevich, 2021). Aims: Based on Pekrun’s control-value theory (CVT), this study has a twofold aim to 1) assess students' perceived capabilities of using teacher feedback (i.e., feedback self-efficacy as control appraisal) and perceived usefulness of feedback in helping them to achieve learning goals (i.e., feedback utility as value appraisal), and examine the associations of with eight learning-related emotions (enjoyment, hope, pride, anger, anxiety, shame, hopelessness, and boredom). Methods: We designed a cross-sectional study by using a survey questionnaire to assess the key variables. Over one thousand five hundred Chinese students (grades seven to nine) participated in this study. Based on the CVT, we used structural equation modelling (SEM) to analyze data. Results: The predictive results showed that students' feedback utility was a significantly positive predictor of positive learning-related emotions, whereas a significant negative predictor of negative learning-related emotions. This pattern was consistent across discrete positive emotions (i.e., enjoyment, hope, pride) and negative emotions (i.e., anger, anxiety, boredom, shame, and hopelessness). Comparatively, feedback self-efficacy was also a significant positive predictor of positive learning-related achievement emotions, but its predictive effect was weaker than that of feedback usefulness. Conclusion: This study provided a meaningful perspective with new empirical findings to enrich research on feedback and emotions. We will discuss theoretical and practical implications for harnessing the emotional power of feedback in boosting students’ positive emotions in learning situations.