Drawing on self-regulated learning theory and social cognitive theory, the study reported in this paper describes the development and psychometric evaluation of the Self-Efficacy for EFL Speaking Scale (SEESS), an instrument for assessing students’ perceived capability to speak English as a foreign language in the learning-to-speak process. Data were collected from 316 university EFL students in China. Exploratory and confirmatory factor analyses resulted in determination of three factors (i.e., performance self-efficacy, self-regulatory efficacy, and linguistic self-efficacy) with a strong psychometric basis. A second-order confirmatory factor analysis further provided empirical evidence to consider EFL speaking self-efficacy as a unitary construct with three correlated but distinct self-efficacy factors. In addition, the significant correlations between these EFL speaking self-efficacy factors and students’ EFL speaking learning strategies further confirmed the concurrent validity of the SEESS. Pedagogical implications of this study for classroom teaching and learning of EFL speaking were discussed.