The primary aim of this study was to determine the relationship between the degree of appreciation on the utilization of matrix concepts in cryptogram and the level of performance in operations of invertible matrices of the Discrete Mathematics students. The respondents were 14 third year students under the Information Technology Program of AMA Computer College. A questionnaire anchored on the Process Standards for Mathematics was administered to quantify the students’ degree of appreciation of the utilization of matrix concepts in cryptograms with respect to the enhancement of certain skills embedded in the process standards. A test composed of matrix operations and cryptogram exercises was conducted to measure the performance of the students in invertible matrices. The findings revealed that the students’ degree of appreciation of the utilization of matrix concepts in cryptogram and their level of performance in matrix operations involving invertible matrices are both high. Overall, there is no significant relationship between the degree of appreciation and the level of performance. However, the specific areas of problem solving skills and mathematical communication established significant relationships with product and inverse matrices. Hence, the students’ level of performance in the subject may be enhanced by embedding matrix concepts with concrete process applicable in real life situation, in teaching the subject.