Examining students’ learning effectiveness and satisfaction is critical to the ultimate success of technology-assisted learning that has been deployed at a fast-growing pace. The accumulated results from prior research are mostly equivocal. Based on how technology-assisted learning may influence students’ learning process, we analyze technology-assisted learning and synthesize relevant prior research, and propose a factor model that explains learning effectiveness and satisfaction. We empirically test that model with a quasi-experiment that involves 212 university students, observing their learning of Adobe Photoshop. We test the hypothesized effects of technology-assisted learning and its moderating role in influencing students’ learning effectiveness and satisfaction. According to our results, the use of technology-assisted learning adversely affects student engagement. This, in turn, negatively influences their learning effectiveness and satisfaction. Student engagement in learning activities appears to mediate the impact of technology-assisted learning on learning effectiveness. Furthermore, the influence of technology-assisted learning on learning satisfaction is mediated by both student engagement and learning effectiveness. Technology-assisted learning shows no significant moderating effects on learning effectiveness or satisfaction. Our empirical results have several important implications for technology-assisted learning research and practice.