This study aims to examine the influence of academic self-efficacy, perceived usefulness of online learning systems, and teaching presence on student engagement (behavioural, emotional, and cognitive engagement) and student satisfaction with online learning. Data were collected from undergraduate students who experienced a fully online learning process during the COVID‐19 pandemic. Based on social cognitive theory, the relationships among the personal and environmental influences on student behaviour and outcomes were examined using structural equation modelling. The results indicated that academic self-efficacy had significant direct relationships with behavioural engagement and emotional engagement, while perceived usefulness significantly influenced emotional engagement and cognitive engagement. Furthermore, teaching presence significantly influenced all engagement dimensions. Student satisfaction was significantly and directly influenced by behavioural engagement and emotional engagement, but not by cognitive engagement. Finally, the mediation role of each engagement dimension is proven in this study. This study was conducted in Egypt; thus, it contributes to add an empirical evidence regarding online student engagement and satisfaction in the context of a developing country.