The present study was intended to investigate possible relationships of the development of EFL teachers’ possible selves with teacher efficacy and students’ achievement. Eighty seven teachers were selected through convenience sampling from different Language Institutes participated in this study and filled in EFL teachers’ Possible Selves Development Questionnaire as well as Teacher Self-Efficacy Scale (TSES). The participants were also requested to specify the mean scores of the achievement tests they administered to their students in the previous terms. The results of data analyses indicated significant relationships of teachers’ possible selves development with their self-efficacy and students’ achievement. To investigate which components of possible selves might have more predictive power in predicting teacher’s self-efficacy and students’ achievement, the researchers employed regression analysis. The four subscales of possible selves – ideal, ought-to, actual, and feared selves- were found to be good predictors of teacher self-efficacy and only three subscales of possible selves including ideal, ought-to, and actual selves were strongly correlated with students’ achievement. The researchers concluded by suggesting that a sense of self-efficacy as well as a concern for students’ achievement as two main senses of selves should be incorporated into the possible selves of EFL teachers through implementing specific pre-service as well as in-service teacher education programs.