Blended learning combines the advantages of online and offline teaching, which is a notable educational trend. This study aims to discuss the influencing factors of blended learning satisfaction and, based on customer satisfaction theory, competency theory and flow theory, constructs a model for blended learning satisfaction. We conducted a purposive sampling survey of 528 undergraduate students majoring in mathematics from 16 higher education institutions in Guangxi province, China. Furthermore, data were processed using tests of reliability and validity, confirmatory factor analysis, correlation analysis, and structural equation modeling. Empirical results indicate that in blended learning, teaching competence, student expectations, perceived quality, perceived value, and flow experience all have a significantly positive impact on learning satisfaction. Teaching competence, student expectations, and perceived quality also have a significantly positive impact on perceived value, while perceived quality has a significantly positive impact on flow experience. Moreover, perceived value plays a mediating role in the relationship between teaching competence, student expectations, perceived quality, and learning satisfaction. Flow experience serves as a mediator in the relationship between perceived quality and learning satisfaction. This research is beneficial for enhancing the quality of blended courses and improving the satisfaction of university students with blended learning.