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In Covid-19 pandemic lockdown time, an online survey was conducted on the 28th of May, 2020 after the final exam in a University in Europe. A total of one thousand one hundred students completed the survey. 72% of the students’ answers were accepted for the analysis. How perception, readiness, effectiveness and learning outcomes factors affect the students’ satisfaction were analyzed. The results showed that satisfaction was affected by the perception, the learning outcomes and the effectiveness. The factors readiness was only found to have a mediating effect on the satisfaction. These results will give a new perspective to educational institutions how to improve their strategies while converting their courses into online versions, especially if this challenging period will be prolonged.