Educators, students, and policymakers have all recently expressed a strong interest in e-learning. Implementing a properly planned and structured online-based education process is vital for an efficient e-learning system, much as online-based education systems aided teaching–learning on an as-needed basis during the epidemic. In order to better understand the elements influencing e-learners’ happiness during the COVID-19 pandemic, the current study will examine these factors. In total, 650 university students who were chosen at random for a questionnaire survey were used to collect data. The data were analyzed using the Statistical Package for the Social Sciences (SPSS). The factors essential to boosting e-learner satisfaction were identified using confirmatory factor analysis (CFA). Frequency distribution and percentages were used to identify the demographic characteristics of respondents, and a reliability test was conducted to test the internal consistency of the data. This study employed structural equation modeling (SEM) to trace the relationship between the six independent variables and e-learner satisfaction. Regression results revealed that psychological factors, educational materials and design, access to technological devices, instructor attributes, and perceptions and expectations significantly influence e-learner satisfaction. However, students’ engagement had no significant influence on the same. Because, most respondents had a clear preference for physical learning. The findings of this study will help educationists and policymakers take necessary steps in enhancing learners’ satisfaction and improving their academic performance.