The aim of this paper was to determine students’ preferences towards e-learning environment in order to select and design its components that suit the needs of student’s best. The research was implemented using conjoint analysis. Three dimensions of interest were considered: e-learning technology, teaching method and knowledge assessment and the results show that knowledge assessment is the most important e-learning attribute for both traditional and online students. Adding into consideration the teaching method as well, further analysis showed that students can be profiled in two segments: oriented on results or process, which can be used at the beginning of studies to adjust e-learning environment. Research findings emphasized student preferences as essential for designing e-learning system, while student satisfaction turned out to be a key factor determining their persistence for studying in e-learning environment. Finally, recommendations for improvement of existing e-learning system were given.