Transactive memory system (TMS) makes learning and transferring knowledge easy and efficient. This study has constructed a conceptual model of TMS to reveal the crucial factors influencing the formation of a TMS in online asynchronous learning to foster knowledge sharing and collaboration and enhance knowledge transfer effectiveness. The conceptual model of TMS is built upon theoretical foundations concerning the creation of TMS and the variables influencing them. The study has put forth a set of hypotheses to predict the expected effects of group factors, individual factors, task interdependence, the degree of intellectual silence, and knowledge management on the formation of TMS. In this study, a total of 229 questionnaire data were collected from undergraduate, master's, and doctoral students in Northeast China who had experience with an online asynchronous learning TMS. Structural equation modeling has been employed to identify the key indicators involved and their influence on the formation of TMS. The empirical study was carried out using statistical analysis of SPSS data, with the results indicating that each factor has varying impacts on knowledge management, ultimately affecting the formation of TMS. These findings provide a more nuanced understanding of how these factors shape online asynchronous learning environments.