This study examines the latent factors surrounding motivation and self-regulation in an online English language class, focusing specifically on Korean college students. Three-hundred and forty-two freshmen from diverse majors participated in this study, which utilized a background questionnaire, the Online English Learning Motivation (OELM) scale, and the Online Self-Regulated English Learning (OSEL) scale. Exploratory factor analysis was employed and confirmed a strong validity and reliability for both scales. The findings also revealed that underlying factors from the OELM include expectations for learning English, intrinsic/extrinsic motivation towards English learning, cultural interests in English-speaking countries, and grade-relevant motivation. Latent factors from the OSEL contain goal setting and learning strategy use, learning environment and learning styles, help seeking, and time management. Based on the results, this study offers insights and suggestions to improve online English pedagogy.