The paper examined self-Regulated Learning as an essential skill for academic success among students of Open and Distance Learning(ODL) institutions in Nigeria. Self-Regulated Learning (SRL)is seen as an active, effortful process in which learners set goals for their learning and then attempt to monitor, regulate and control their cognition, motivation and behavior. The meaning, purposes,challenges, models of SRL, how to inculcate the skills into students and importance of SRL among ODL students were highlighted. ODL is seen to refer to teaching and learning situations in which the teachers and the learners are geographically separated and therefore rely on electronic devices and or print materials for instructional delivery. The characteristics, challenges and benefits of ODL were discussed. Studies indicated that students with SRL skills are more likely to be successful in ODL environments than those without the skills. It was suggested that ODL institutions should inculcate SRL skill into their students in order to avoid attrition, go through the program with ease and achieve academic success. It was concluded that for any student to be successful in an ODL institution, he needs proficiency in the skill of SRL.