The COVID-19 pandemic led to higher education institutions adopting alternative teaching models to continue their work while complying with health measures. Specifically, in Spain, once the lockdown period was over, universities adopted the blended learning (BL) model, which allowed for a partial return to the classroom. The BL model meant a completely new approach for students that impacted their learning experience. Using structural equation modelling (SEM), this paper explores in-depth students’ experience with BL—social–behavioural, cognitive–affective, sensory and formative—and tests the impact of BL on students’ satisfaction and their commitment to learning. Data were collected from a sample of 467 undergraduate students at Complutense University of Madrid (Spain) who filled out a self-administered questionnaire. The model proposed shows fit indices above the recommended thresholds, indicating an adequate model fit. Results suggest a positive influence of the different dimensions of BL experience on satisfaction. In addition, satisfaction with BL had a positive impact on students’ affective commitment. Going by these results, the students’ experience with BL has been positive, increasing their willingness to study. Finally, the implications of these results for higher educational institutions are discussed and future research lines suggested.