Aim. The education system has transitioned from traditional learning to e-learning. Earlier, researchers tested the feasibility of e-learning for nursing students. However, whether satisfaction with e-learning affects students’ mental health remains unknown. This study aimed to determine the influence of satisfaction with e-learning on mental health (stress, anxiety, and depression) among undergraduate nursing students. Methods. This study design was cross-sectional, correlational, and descriptive. Data were collected between April and December 2022 from local nursing colleges in 13 regions in Saudi Arabia. A convenience sampling method was employed to recruit undergraduate nursing students. One hundred forty-four students responded to the online questionnaire. Results. Nursing students demonstrated moderate levels of anxiety (M = 9.89 (SD = 4.28)), stress (M = 10.40 (SD = 4.05)), and depression (M = 9.64 (SD = 4.38)). The average satisfaction with e-learning score was 2.79 (SD = 0.85), indicating that students’ satisfaction was low. Strong and positive correlations existed between anxiety and stress (r = 0.787,
p
<
0.001
) and depression (r = 0.867,
p
<
0.001
). However, anxiety, stress, and depression were not correlated with satisfaction. Female participants demonstrated more significant anxiety (M = 11.0, SD = 3.55), stress (M = 11.3, SD = 3.5), and depressive symptoms (M = 10.9, SD = 3.6) than their male counterparts. Stress significantly and indirectly affected depression through anxiety (B = 0.580,
p
<
0.001
, 95% CI 0.449 to 0.719). The proportion of mediation (
P
M
=
0
.
697
) indicated that 69.7% of the total stress effect on depression was because of the indirect impact of anxiety, acting as a partial mediation. Conclusions. This study emphasized providing mental health services for nursing students. Conducting qualitative research will help achieve knowledge of nursing students’ mental health status.