This study applied a critical needs analysis approach to investigate investment (language learning commitment) needs and challenges of EFL upper secondary school learners from different socioeconomic backgrounds and school settings (privileged, middle-privileged, and less-privileged schools). To this end, Darvin and Norton`s (2015) model of investment was used as our analytic framework. The study took advantage of a mixed-methods approach. A five-point Likert scale questionnaire with 53 items and one open-ended question was administered to 759 learners from different school settings in Mashhad. Also, a semi-structured interview was conducted with 24 learners for triangulation. The findings of the questionnaire and interviews revealed that speaking accurately, fluently, and professionally was the main priority for learners` investing in EFL learning. However, privileged, middle-privileged, and less-privileged upper secondary school learners perceived their needs differently regarding investment in English language learning. Although no statistically significant difference was observed between privileged, middle-privileged, and less-privileged school learners in terms of identity, they perceived their needs significantly different in terms of ideology and capital.The findings can bring high school learners` investment needs into focus and help the educational setting improve.