The purpose of this study is to explore factors affecting the effect of e-learning, and to find out the casual relationship among these factors. Subjects are 2,091 students who have participated in e-learning based class during the period of second semester in 2013. Those of them, 1,732 students response to the survey questions. After gathering data, they are analyzed by using Confirmative Factor Analysis and Structural Equation Modeling. From the result of Confirmative Factor analysis, data have reduced four factors, and are named as four latent variables likes e-learning effect, contents satisfaction, managing assistant factor, and system functional factor. From the result of Structural Equation Modeling, it is known as the relation and impact among factors: (a) "managing assistant factor" affects to "contents satisfaction" directly. (b) "contents satisfaction" affects to "e-learning effect" directly. (c) "system function factor" affects directly to "contents satisfaction", but does not affect directly to "e-learning effect". (d) both "managing assistant factor" and "system function factor" have an indirect effect on "e-learning effect" via "contents satisfaction".