This study examined the effects of internal academic locus of control (ALOC), learning strategies, flow experience, and student satisfaction on student retention in online learning courses. A total number of 282 adult students at the Korea National Open University participated in the study by completing an online survey adopted from previous studies to measure the levels of five variables: internal ALOC, use of learning strategies, flow experience, satisfaction, and retention. We employed a structural equation model (SEM) to test our conceptual model using AMOS 18.0. The research findings indicate that there were significant direct effects between internal ALOC and retention, between satisfaction and retention, between internal ALOC and satisfaction, between flow and satisfaction, and between learning strategies and flow. Moreover, we noted the significant mediating effects of student satisfaction and students' experience of flow on their retention in the model. (Contains 6 tables and 2 figures.)