This study examines students’ acceptance and use of ChatGPT in Saudi Arabian (SA) higher education, where there is growing interest in the use of this tool since its inauguration in 2022. Quantitative research data, through a self-reporting survey drawing on the “Unified Theory of Acceptance and Use of Technology” (UTAUT2), were collected from 520 students in one of the public universities in SA at the start of the first semester of the study year 2023–2024. The findings of structural equation modeling partially supported the UTAUT and previous research in relation to the significant direct effect of performance expectancy (PE), social influence (SI), and effort expectancy (EE) on behavioral intention (BI) on the use of ChatGPT and the significant direct effect of PE, SI, and BI on actual use of ChatGPT. Nonetheless, the results did not support earlier research in relation to the direct relationship between facilitating conditions (FCs) and both BI and actual use of ChatGPT, which was found to be negative in the first relationship and insignificant in the second one. These findings were because of the absence of resources, support, and aid from external sources in relation to the use of ChatGPT. The results showed partial mediation of BI in the link between PE, SI, and FC and actual use of ChatGPT in education and a full mediation in the link of BI between EE and actual use of ChatGPT in education. The findings provide numerous implications for scholars and higher education institutions in SA, which are also of interest to other institutions in similar contexts.