This cross-sectional, non-experimental, correlational study tested a structural equation model based on Demands-Resources Theory (Demerouti et al.) applied to the university context, to examine the associations of academic demands (mental demands, work style, emotional demands, conflict with lecturers, and career choice anxiety) and academic resources (support from lecturers, possibility of personal development, information, feedback, and perceived control) with emotional exhaustion and academic engagement. A total of 424 university students from Chile participated. The model, estimated using WLSMV, showed adequate fit: χ 2 = 2,604, p < 0.001; CFI = 0.964; TLI = 0.962; RMSEA = 0.050, 90% CI [0.048, 0.053]; SRMR = 0.069. Academic demands were positively associated with emotional exhaustion ( β = 0.88, p < 0.001, R 2 = 0.78). In contrast, academic resources were positively associated with engagement ( β = 0.72, p < 0.001, R 2 = 0.52). Additionally, a significant negative covariance was observed between resources and demands ( β = −0.35, p < 0.001). The findings support the applicability of the SD-R model in academic contexts and suggest that strengthening institutional resources may help reduce student burnout risk and promote academic engagement.