Online education in China is developing at a rapid pace due to its unique advantages, and its sustainable development is becoming increasingly crucial. Thus, this study attempted to understand learners’ continuance intentions in an online learning environment and examined the factors influencing online learners’ continuous retention. The research model for the influencing factors and study hypotheses were constructed based on multiple theoretical and synthesized perspectives, such as the information system success model; interactions between students, content, and instructors; and the theory of perceived value. To achieve the stated objectives, we conducted a questionnaire survey, in which 382 valid responses were collected from Chinese respondents from 32 provinces in China in April and May 2020. Furthermore, this study primarily employed Structural Equation Modeling (SEM) and Partial Least Squares Structural Equation Modeling (PLS-SEM) to test the constructed model. The results indicate that service quality, course quality, and student–instructor interaction have indirect and positive effects on learners’ continuance intentions for online learning, while the variable of perceived value is a significant mediator for online learners’ retention and has a direct influence on their continuance intentions. Student–student interaction and student–content interaction do not have direct or indirect effects on online learners’ continuance intentions.