This study aims to identify and validate the latent factors underlying learners’ enjoyment in an online English language learning context with Korean college students. A total of four-hundred and eighty-four first year students from diverse majors participated in the study. Three instruments were utilized: a background questionnaire, the Online English Learning Enjoyment (OELE) scale, and an assessment of English ability. An exploratory factor analysis was conducted and confirmed a strong validity for the OELE scale. The results reveal that six factors are key to the online English learning enjoyment of Korean college students: online learning interest and flow, teachers’ attitudes and teaching methods, learning strategy use, interests in English-speaking cultures, social bonds, and effort and focus. This study also demonstrates that there are significant differences among high-, intermediate-, and low-proficiency learners in terms of OELE factors. Based on the findings, pedagogical implications and suggestions are given for online English learning instruction to better foster language learners’ enjoyment.