The unprecedented COVID-19 pandemic has changed many aspects of society, including education. While online learning aims to avoid the transmission of viruses, however, what causes the success or failure of online learning needs to be investigated. This study tries to answer the question by analyzing how self-regulated learning, digital literacy, and the mediation of course satisfaction influence students' academic performance in online learning situations caused by the COVID-19 pandemic in Indonesia. We employed Partial Least Square Structural Equation Modelling (PLS-SEM) on 358 respondents gathered from an online survey questionnaire completed by undergraduate students during the pandemic. The study finds that self-regulated learning is the key factor, followed by digital literacy. Course satisfaction also proved to mediate self-regulated learning and digital literacy on academic performance.