The low levels of readiness for e-learning, followed by the low satisfaction levels experienced by university students during the COVID-19 pandemic, is a crucial yet confounding issue. Many reports relate the lack of technological competence and motivation to this problem. This study examined aspects of technological competence and motivation as antecedent factors that affect student user and e-learning readiness. In addition, the study also tested the determination of the role of e-learning readiness as a mediator of the indirect influence of technological competence and motivation on student satisfaction. The study involved 1228 university students from the province of Yogyakarta, Indonesia. Data collection was assisted by using a closed questionnaire with a five-point Likert scale tested for validity and reliability. Structural Equation Modeling was used to analyze the data through path analysis and bootstrap methods. This study showed that technological competence and motivation significantly affected e-learning readiness and user satisfaction. Furthermore, e-learning readiness was seen to act as a significant mediator in the indirect effect of technological competence and motivation on student satisfaction. Therefore, these results strengthen the theory that shaping student satisfaction in e-learning requires mature e-learning readiness. In forming this readiness, technological competence and balanced motivation are needed.