The present study aims to conceptualize service quality and perceived value in the context of blended learning by redefining and modifying the existing SERVQUAL model, reviewing prior marketing literature on perceived value, and examining the relationships between service quality, perceived value, and student satisfaction. The sample was restricted to colleges in South Korea, where blended learning programs have started to receive much attention. We examined our hypotheses by using regression analysis via the statistical programs Amos 22.0 and SPSS 23.0. The following results are produced. First, the conceptualization of service quality and perceived value was confirmed. Second, the different effects of online and offline service quality on each perceived value are confirmed. Offline service quality is more effective in generating perceived epistemic value, perceived social value, and perceived emotional value than online service quality, whereas online service quality is more effective in triggering perceived conditional value than offline service quality. Finally, perceived emotional value and perceived conditional value are the important determinants of student satisfaction. We address the theoretical implications that (1) service quality and perceived value are conceptualized through modification, refinement, and empirical testing and develop a multidimensional scale for service quality and perceived value, and (2) the sequential and causal relationships among service quality, perceived value, and student satisfaction are confirmed. Practically, we expect that our measurement scales for service quality and perceived value, which have high validity and reliability, can serve as diagnostic tools for blended learning program evaluation from students' perspective.