This study used expectancy-value theory to better understand no-fee teacher education and improve the relevant educational methods and policies. It applies a self-developed scale, derived from the theory, to identify entry motivation and professional satisfaction levels among no-fee teacher education students (N = 700) at Southwest University. The results illustrate that (1) students enrolling in the no-fee teacher education program are mainly motivated by their perception of the teaching profession, no-fee teacher education policies, intrinsic value, and social persuasion; (2) demographic characteristics account for the differences between no-fee teacher education students in respect to entry motivation and professional satisfaction; and (3) specific entry motivation has significant predictability for the level of professional satisfaction of students. With solid empirical data as evidence, this study recommends that no-fee teacher education policymakers and program designers should take cognizance of the motivating factors that affect students' decision to enroll in the program and their perception about the teaching profession after years of preparation; information about student needs and feedback should be incorporate in modifying policy and implementing educational practices in order to maximize the effectiveness of the no-fee teacher education policy.