This research integrated cooperative inquiry strategies to implement blended learning and analyzes the learning effects based on the perspectives of goal setting theory and well-being theory. Blended learning combines the advantages of classroom teaching and online learning and enables students to review material to further their understanding. Cooperative inquiry, a key skill in modern life, involves collaboratively identifying feasible solutions to a problem. It enhances learning motivation and effectiveness through mutual assistance and support. In this study, a blended learning intervention (of cooperative inquiry learning and online learning) and a tradition lecture curriculum were implemented for an educational statistics course at a college of education to investigate the relationships between students' goal setting, task value, and well-being. In total, 30 and 22 postgraduates were assigned to the quasi-experimental and control groups, respectively. Data were evaluated using Hotelling's T2, analysis of covariance, and multiple regression. After the blended learning intervention, the students demonstrated significant improvements in some dimensions of the three variables. Furthermore, goal setting and task value contributed critically to student well-being.