Blended learning is increasingly favoured by universities with different effects. The research on the impact of learning performance has become one of the important topics. In this paper, three kinds of presences of community of inquiry and self-efficacy are used to explore the influence mechanism of blended learning performance. Structural modelling analysis of an online survey data completed with 216 students who had participated in blended learning. The results indicate that teaching presence has a great influence on the prediction of learning performance. In addition, there is a positive correlation between teaching presence and cognitive presence and social presence. Furthermore, cognitive presence and social presence are both positively correlated with learning performance. In particular, self-efficacy plays a moderating role in the relationship between teaching presence and cognitive presence and social presence, respectively. General principles are derived from these findings and their application to blended learning is discussed.