Given the negative relations between parental psychological control and various aspects of emerging adults’ social and emotional adaptation, there is a need to determine whether similar relations exist for emerging adults’ academic adjustment. The current study tested an integrative model using an interactionist approach of dyadic gender composition to test whether maternal and paternal psychological control are unique and interactive predictors of four different indicators of academic adjustment (i.e., academic achievement, satisfaction of academic achievement, academic goal progress, and school satisfaction) for male and female emerging adults, using fear of failure as a mediator. The sample comprised 1792 undergraduate students aged 17–25 years old (74.2% identified as females). The results showed that maternal and paternal psychological control interacted to predict students’ fear of failure, and that fear of failure negatively predicted all indicators of academic adjustment. The results revealed small indirect mediation effects. For females, fear of failure mediated the relation between the interaction of psychological control and satisfaction of academic achievement. For males, fear of failure mediated the relation between the interaction of psychological control and academic goal progress. The results show that parents continue to play an important role in their children’s lives during emerging adulthood, and provide insight on the mechanisms underlying such parental influence.